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According to analysts at TD Securities, this morning’s UK labour market data for July was strong all around.

Key Quotes

“The unemployment rate fell to 3.8% (mkt 3.9%), back to the lows from March-May, while headline wage growth rose to 4.0% y/y (mkt 3.7%), and ex-bonus wage growth to 3.8% y/y (mkt 3.7%). The underlying data showed the more important private sector regular pay measure sitting at 3.9%, with the 3m/3m annualised trend at a toasty 5.0%, so wage momentum really is looking quite solid right now.”