FXStreet (Delhi) – Prashant Newnaha, Rates Strategist at TD Securities, suggests that the UK labour market has been showing relatively healthy underlying dynamics in recent months, and we expect this to continue into July.
Key Quotes
“We see small downside risks to the 3MMA unemployment rate, which is likely to have notched down a tenth to 5.5% (consensus: 5.6%), putting it back at its March/April level.”
“We’ll also be looking carefully at private-sector regular pay growth, which is favoured by the MPC for signs of tightness in the labour market. This measure has been drifting up in recent months (3.4% y/y in June), sitting comfortably in a range that leaves it at its fastest rate of annual growth since mid-2008.”
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