Barclays: Weakness in UK labor or strengthening Bank of England August interest rate cut confidence

Jack Meaning of Barclays Bank expressed in a report that the labor market data released in the UK on Thursday showed signs of weakness, which could strengthen the confidence of the Bank of England in cutting interest rates in August. In the three months to May, the UK unemployment rate rose from 4.6% in the three months to April to 4.7%. In the same period, the average wage growth rate, excluding bonuses, slowed from 5.3% to 5.0%. The data should reassure the Monetary Policy Committee - the labor market is loosening and moving towards the direction of slowing wage growth that the committee is expecting.