Unemployment remained steady at 3.8 per cent, while wages including bonuses fell back to 5.1 per cent from 6.4 per cent in May. With UK inflation already at 9.4 per cent, it doesn't take a genius to see that wages in real terms are falling, even as broader commodity prices have fallen back sharply from their highs of earlier this year.

MICHAEL HEWSON, CMC MARKETS

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