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mpc: 28 The labour market data had been broadly stable, continuing to suggest some slack. In addition, the Agents had reported that firms expected to make increasing use of migrant labour. The Committee judged that these factors would probably help to restrain pay growth but also noted that the increases in the National Minimum Wage and the pickup in RPI inflation could work in the opposite direction. It appeared that some firms ­ at least in the manufacturing sector ­ might have been rebuilding profits by raising output prices, though they could be squeezed again by the rise in the oil price.