UK July ILO unemployment rate 4.1% vs 4.1% expected | Forexlive

• Prior 4.2%
• Employment change 265k vs 123k expected
• Prior 97k
• Average weekly earnings +4.0% vs +4.1% 3m/y expected
• Prior +4.5%; revised to +4.6%
• Average weekly earnings (ex bonus) +5.1% vs +5.1% 3m/yexpected
• Prior +5.4%
• August payrolls change -59k
• Prior 24k; revised to -6k

The jobless rate ticks a little lower with employment change beating estimates in July. However, payrolls for August declined further after a negative revision to the July figure. So, there’s that sort of cancelling one another. And it doesn’t help with ONS continuing to attach a caveat to the data, noting that the estimates continue to contain uncertainty.

Besides that, the BOE can take comfort from the wages front at least. The readings roughly meet estimates and are lower than in the three months to June previously. Both total pay and regular pay are also down to 1.1% and 2.2% respectively in real terms in the three months to July. That is down from 1.6% and 2.4% previously in the three months to June.