UK: Unemployment rate likely to remain unchanged at 3.9% – TD Securities

Analysts at TD Securities are looking for the UK’s July employment report to broadly show no change in key data, with the unemployment rate unchanged at 3.9%, while headline wage growth repeats June's 3.7% 3m/y reading.

Key Quotes

“Ex-bonus wages might soften a bit to 3.7% 3m/y, but the more important private sector regular pay measure should stay at 3.9% 3m/y, with its 3-month growth rate at 5.0% annualized. The BoE recently pointed to wage costs as one of the key factors fueling domestic inflation.”