After the surprisingly strong UK inflation figures on Tuesday, the jobs and wages data released today confounded expectations once again, albeit to a lesser degree. The average earnings index, which includes bonuses, rose 2.4% in the three months to June compared to the same period a year ago. The good news is that it was up from 2.3% in May, but it was slightly lower than 2.5% expected. The unemployment rate was unchanged during this period at 4.9%, but the employment rate hit its highest since records began in 1971. Meanwhile, the more up-to-date data for July showed that claims for unemployment benefits fell by a ... (full story)