Because it's not that big of a deal. Only the media wanted you to think it was.
Brexit, what Brexit? UK data continues to confound expectations
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)