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mpc: 25 Whole economy average earnings had risen 4.2% in the year to June, a slight decline from the growth rate recorded in Q1. The available evidence relating to wage settlements indicated that agreements struck in July were also slightly lower than those seen in the first half of the year. The Bank's Agents had reported that pay pressures had remained subdued in most sectors, reflecting the softer labour market and the effect of inward migration of workers, particularly from other European countries.