According to Jinshi Data, Investec economist Philip Shaw said that UK employment data showed that labor market conditions were loosening and wage growth was slowing. The level of job vacancies in June fell below 900,000 for the first time since June 2021, while the unemployment rate for those aged 16-64 fell from 22.3% in April to 22.1% in May.

Shaw noted that the key question is whether these changes are enough to convince the Bank of England to cut its key interest rate at its Aug. 1 meeting. The odds of a 25 basis point cut are now very close.