Wage Growth Remains a Concern Ahead of BoE Meeting

Britain’s unemployment rate unexpectedly fell further to its lowest since 1975 during the three months to July, but wage growth proved even more subdued than expected, official figures showed on Wednesday.The data are likely to deepen division at the Bank of England over whether the time for an interest rate rise is nearing and will increase pressure on Prime Minister Theresa May’s government to further loosen the cap on public-sector pay.The number of people in work rose to a record high of 32.136 million as 181,000 people gained jobs, the strongest increase since late 2015 and belying other signs of sluggish economic growth this year after last year’s Brexit vote.The rapid job creation took the unemployment rate down to 4.3 percent from 4.4 percent.

Source: Jobless rate falls to lowest since 1975 as pay growth lags – Reuters

Uncertainty Reigns

Gold Pauses After Sharp Losses Kick Off Week

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.