Today, Kevin Kidney, Head of Asset Allocation, looks at the official UK employment data for the 3 months through to June which shows growth in both full-time and part-time jobs. Of key importance to inflation-watchers will be the deceleration in wage growth, it may seem counterintuitive, but lower wage growth allows more room for the Bank of England to lower interest rates further. For wider context, the UK now has lower unemployment, lower inflation and higher wage growth than the US.