The unemployment rate fell to 4.2% from 4.4%, the ONS also said, while economists polled by Reuters had expected an increase of 4.5%.
Jack Kennedy, senior economist at the Indeed job site, said the figures showed the labor market remained"fairly tight" and that wage pressures were softening only gradually, potentially limiting the level of monetary easing the Bank of England is able to deliver this year.by 25 basis points. After two months at 2%, economists polled by Reuters expect the headline rate to tick higher, to 2.3%.
The British pound was higher following the labor market data, trading up 0.3% against the U.S. dollar at $1.2805 and 0.3% higher against the euro at 1.1722.'We haven't seen the bottom in this correction': Dan Niles is betting on two Big Tech stocks that can"get through" a recession Investors around the world will also be analyzing the latest U.S. inflation data this week, in order to get a better picture of the state of health of the world's largest economy.
The U.S. producer price index, a measure of wholesale prices, is published on Tuesday and the consumer price index for July will be released Wednesday, with investors assessing whether the data could prompt the U.S. Federal Reserve to begin cutting rates in September.Market sell-off won't last as there's no tech bubble to burst, CIO says
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