Wage Pressures Intensify on Base Effects;...>

UK DATA: Wage Pressures Intensify on Base Effects; Employment Weakens  

--May-July Employment Level Up 3,000; Jobless Rate Steady at 4.0%   

--May-July Total Earnings +2.6% 3m y/y Vs +2.4% Apr-Jun

--May-July Regular Earnings +2.9% 3m y/y Vs +2.7% Apr-Jun

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UK earnings growth found another gear in the three months to July, 

with increases recorded at both a nominal and regular basis. However, 

the pickup in nominal and ex-bonus wages was led by strong growth on a 

single-month basis over the month of July, flattered by weak growth in 

the same month a year ago. Employment grew by its lowest level since the 

three months to October of 2017. Furthermore, the inactivity count 

picked up by a considerable 108k over the 3m to Jul, pushing the rate up 

0.3pp to 21.2%, explained by more not wanting a job and declaring 

themselves long-term sick. Vacancies, however, were up 14k 3m/3m to a 

new series-high 833,000.