The unemployment rate in the United Kingdom fell to 4.9 percent in the three months to May,
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The unemployment rate in the United Kingdom fell to 4.9 percent in the three months to May, its lowest level since 2005. In the same three months, wages rose by 2.3 percent, their biggest increase since October 2015.
With the expected inflation rate steady, did the U.K. economy move along its short-run Phillips curve? If so, in which direction? Or did the economy move off its short-run Phillips curve?
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