- In the real world, there’s inevitably a degree of inaccuracy in economic
measurement - Currently, there’s a little more uncertainty
than usual about the behaviour of unemployment - Official estimates of wage growth have
been volatile - Other indicators have exhibited slightly lower rates
of growth through much of this year - It takes time to understand the forces driving
the economy, particularly services inflation and wage growth - It will probably require a
more protracted and clearer decline in wage growth data before we can safely conclude
that things are on a firmly downward trend - Full speech
That’s a really long and roundabout way of saying that “we still don’t see enough data to justify a policy pivot yet”.
This article was written by Justin Low at www.forexlive.com. Source