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UK DATA: Not much to move MPC members' views in the labour market data

UK DATA

Looking a bit closer at the labour market data:

  • The unemployed level didn't really change from last month, but the economically inactive level fell to the lowest level this year (albeit remaining below levels seen 2016 and onwards).
  • There was a small upward revision to last month's single month private regular wage data - and small downward revisions to the level of wages in both June and July last year.
  • The 3m/3m annualised private regular AWE has fallen from 7.30% (revised from 7.22%) to 5.55%. This is still notably above levels consistent with target inflation at 2% but the lowest M/M rise since January.
  • Overall, still not a lot to move expectations for the MPC here. Things still moving in the right direction, albeit gradually, so not much to alter anyone's views.
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