- 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".
