Bank of England faces conundrum from contradictory data
Slack is shrinking and wages on the rise, but employment disappoints
The Bank of England's (BoE) monetary policy committee (MPC) voted to hold policy steady at its meeting this week, but the committee is grappling with sometimes contradictory signals from the data.
At its first meeting under a new format, which saw inflation report, minutes and statement all published simultaneously today (August 6), the BoE highlighted divergent signals. Rising wages and productivity indicate strength, while employment disappoints and inflation is stuck low.
The MPC tended to
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