Barclays analysts pointed out in a report that the latest UK labor market data shows that wage pressures are easing, but this deceleration is not enough to prompt the Bank of England to cut interest rates at the next meeting on September 19. The average wage growth in the UK in July excluding bonuses increased by 5.1%, lower than 5.4% in June. The unemployment rate dropped from 4.2% in the second quarter to 4.1%. The analysts stated, "We still expect the Bank of England to... cautiously interpret labor market data and maintain the interest rate in September, meanwhile feeling reassured about the possibility of subsequent policy easing."