Official jobless figures showed an unexpectedly large fall in the jobless rate by 49,800 to 1.55 million, the lowest unemployment rate since September 1980. Despite the rapid rate of job creation, average earnings increased by only 4.25 per cent in the year to July, the same rate as a month earlier. This helped to calm fears that growth in jobs would stoke wage inflation.
That meant that the Bank of England was able to promise a pause in the recent run of interest rate rises. The Bank said the prospects for inflation were looking bright.
Full details, page 16
Business comment, page 17Reuse content