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Wages Growth Slows

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http://uk.biz.yahoo.com/18072007/214/wages-growth-slows.html

Wages growth slows

LONDON - Pay settlements in the UK rose at their slowest rate since November 2005 in three months to May, latest figures from Office of National Statistics revealed.

Average earnings including bonuses rose 3.5% in the quarter, slightly below forecasts. Excluding bonuses, wage growth was also weaker than expected.

The Bank of England sees wage growth as a key inflation indicator. The figures today coincided with the minutes of the Bank of England's MPC meeting this month. The MPC voted 6-3 vote in favour of raising rates to 5.75%, though the tone of some of those who voted for a rise was more conciliatory than last time said economists.

UK unemployment fell by 35,000 between March and May to 1.66m, the Office for National Statistics said. Those claiming jobseeker's allowance fell by 13,800 to 864,100 in June, a two-year low, the ONS added.

Using the ILO Measure of unemployment, the jobless total saw its largest fall since December 2003 sending the jobless rate down to a year's low of 5.4%.

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So – no wage inflation and jobless rates down to a year’s low and only a 6-3 majority – nothing here to start housing crash – stagnation to continue in my opinion at the worst.

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http://uk.biz.yahoo.com/18072007/214/wages-growth-slows.html

Wages growth slows

LONDON - Pay settlements in the UK rose at their slowest rate since November 2005 in three months to May, latest figures from Office of National Statistics revealed.

Average earnings including bonuses rose 3.5% in the quarter, slightly below forecasts. Excluding bonuses, wage growth was also weaker than expected.

The Bank of England sees wage growth as a key inflation indicator. The figures today coincided with the minutes of the Bank of England's MPC meeting this month. The MPC voted 6-3 vote in favour of raising rates to 5.75%, though the tone of some of those who voted for a rise was more conciliatory than last time said economists.

UK unemployment fell by 35,000 between March and May to 1.66m, the Office for National Statistics said. Those claiming jobseeker's allowance fell by 13,800 to 864,100 in June, a two-year low, the ONS added.

Using the ILO Measure of unemployment, the jobless total saw its largest fall since December 2003 sending the jobless rate down to a year's low of 5.4%.

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So – no wage inflation and jobless rates down to a year’s low and only a 6-3 majority – nothing here to start housing crash – stagnation to continue in my opinion at the worst.

Erm.... rates at 5.75% and rising. Inflation at 4.4%. Wages (even including those mega bonuses) at a measly 3.5% to cover all this economic pain.

Affordability is eroding at a record rate, yet you draw the conclusion that nominal falls are not possible?

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