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Something for everyone in the wage data

UK DATA
  • Something for everyone in this report.
  • Private sector wage growth was +8.1%3m/YoY in the 3-months to July - in line with expectations.
  • However, the private sector regular pay for last month was revised higher to +8.2% in the 3-months to June. So the 3-months to July reading of +8.1%3m/YoY is slightly lower than last month's reading.
  • This might suggest to some of the doves a bit more support that private sector regular wages could be close to a peak (although it's too early to reach any conclusions). But the hawks will see the data as still too high.
  • Public sector wage growth has been revised higher due to more details from the NHS deal and other one-offs for civil service.
  • The unemployment rate of 4.3% was in line with expectations.
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