British unemployment unexpectedly dropped again in August -- to the lowest level in 7 years

British unemployment tumbled again in August, falling to 5.4% — the lowest since August 2008.

Analysts expected no move in unemployment from 5.5%.

Earnings were a little weaker than analysts expected, with wages excluding bonuses up by 2.8% year-on-year, and up 3% including bonuses.

Analysts were expecting earnings to have increased by 3.1% including bonuses, and regular pay to have risen 3%.

In real terms, with UK consumer price inflation bumping around zero, pay increases that would previously have been modest are much more impressive.

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