UK's August Claimant Count surged 27.8k, far above the 8.3k forecast, while the Labour Force Survey unemployment rate held steady at 4.9%. That leaves the Bank of England reading two contradictory signals days before Thursday's rate call and Wednesday's CPI print.
PPG Macro notes that HMRC PAYE monthly changes have 3-, 6- and 12-month averages at series lows outside pandemic distortions, even as the LFS still shows employment rising. Source
