Posted 9/12/2023, 7:19:00 AM

UK Wages Stay Strong in July Despite Weaker Job Market, Keeping Pressure on BoE

Pound steady after UK wage growth stays strong in July despite weaker labour market
Wages excluding bonuses rose 7.8% in July, matching record pace in June
Unemployment rate ticked up to 4.3% in July from 4.2% in June
Further wage growth adds to Bank of England's unease about inflation
BoE expected to raise rates again next week, likely by 25 basis points
Sterling has fallen recently as cracks emerge in UK labour market
Strong wage growth puts BoE in difficult position on rates

reuters.com

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9/13/2023

Sterling Sinks as UK Economy Shrinks More Than Expected in July

The pound weakened against the dollar as Britain's economy contracted at its sharpest rate in seven months in July due to strikes, poor weather, and the dampening effect of higher interest rates.