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Analysts at TD Securities note that the UK unemployment rate fell to a new multi-decade low as it slipped from 4.2% to 4.0% in June (mkt 4.2%).

Key Quotes

“Wage growth was a touch softer than consensus at 2.4% y/y, but shorter-term trends (e.g. 3m/3m rate) have picked up in the last couple of months, so the worst is likely behind us now for the y/y measure.”