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The unemployment fee fell to four.7% within the three months to June, while the annual development in average pay was 7.4%. “Again, this is in maintaining with a loosening labour market. And it will also assist to average the pace of wages growth in 2024, which is able to assist with the disinflation course of.” However, a much less noisy measure of unemployment gives a clearer picture of the place the labour market’s sitting.