Deutsche Bank analyst Sanjeev Raja says despite stronger-than-expected UK economic data for June, the labour market is treading water: unemployment stayed at 4.9% and payrolls fell by 13,000. Weak aggregate indicators should keep the MPC temporarily on hold, with markets focused on tomorrow’s inflation data. He notes tentative stabilisation—vacancies edged down modestly in the three months to July after trading in a very narrow range all year, implying labour demand may be near a trough, and the

Deutsche Bank analyst Sanjeev Raja says despite stronger-than-expected UK economic data for June, the labour market is treading water: unemployment stayed at 4.9% and payrolls fell by 13,000. Weak aggregate indicators should keep the MPC temporarily on hold, with markets focused on tomorrow’s inflation data. He notes tentative stabilisation—vacancies edged down modestly in the three months to July after trading in a very narrow range all year, implying labour demand may be near a trough, and the pace of redundancies has slowed.