UK August payrolls change +71k vs +73k prior

• Prior +73k; revised to +77k
• July ILO unemployment rate 3.6% vs 3.8% expected
• Prior 3.8%
• July employment change 40k vs 128k expected
• Prior 160k

• July average weekly earnings +5.5% vs +5.4% 3m/y expected
• Prior +5.1%
• July average weekly earnings (ex bonus) +5.2% vs +5.0% 3m/t expected
• Prior +4.7%

The jobless rate declined to 3.6% and that is a positive point to take note of while early estimates of payrolled employees for August shows a monthly increase, up 71,000 from July, to a record 29.7 million. That said, total hours worked is seen dropping in the three months to July by 3.5 million hours to 1.04 billion hours - that is still 11.1 million hours below pre-pandemic levels.

Meanwhile, pay growth continues to come in strong but has been declining in real terms and that says a lot about the current situation as inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term continues to grip the economy: