• Prior +31k; revised to +48k
  • June ILO unemployment rate 3.8% vs 3.8% expected
  • Prior 3.8%
  • June employment change k vs 256k expected
  • Prior 296k
  • June average weekly earnings +5.1% vs +4.5% 3m/y expected
  • Prior +6.2%
  • June average weekly earnings (ex bonus) +4.7% vs +4.5% 3m/y expected
  • Prior +4.3%

This is a solid report as payrolled employment increased by 73,000 employees, or 0.2%, in July when compared to the previous month. Relative to the pre-pandemic period i.e. February 2020, the number of payrolled employees was up by 2.2% or a rise of 649,000.

The other thing to note is that pay growth continues to come in rather strongly, beating estimates. Base effects are slowly wearing off so this is something that the BOE may not be too pleased about when it comes to the inflation fight.

But in terms of actual pay growth, we are actually seeing a decline in real terms:

UK pay growth