The squeeze on UK wage earners and the global tightening in monetary liquidity

I mentioned in yesterday's daily that a recent article in the Guardian on a post-Brexit vote labour supply shock in the UK was missing the key element of wage stagnation. So it's interesting to see the Guardian highlighting how inflation-adjusted wage growth is diminishing, even as data released today reveal that unemployment rates in the UK has hit a 43 year low.
UK real wages falling again
Here's how the Guardian puts it:
Pay growth in Britain has slowed to its weakest in almost a year despite a fall in the jobless rate to a fresh 43-year low and the biggest annual drop in workers from the EU since modern records began more than two decades ago.

Figures from the Office for National Statistics (ONS) showed wage inflation cooling in the second quarter of 2018 even though unemployment fell...


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