Here’s why the Bank of England will sit on its hands Thursday

Stronger-than-expected U.K. jobs data out on Wednesday quashed fears of a post-Brexit meltdown in the country’s labor market, and cemented expectations the Bank of England will sit on its hands at its policy meeting on Thursday.

The unemployment rate for the three months through July—the first full month following the June 23 referendum—fell to 4.9% from 5% the previous three months versus forecasts of a 5% reading. Additionally, the number of people in work rose to a record 31.8 million.

“Combined with other upbeat economic data, the Bank of England looks almost certain to leave rates on hold when it announces its monetary policy decision tomorrow.

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