HomeLive CommentsMixed UK labor data as unemployment rate and earnings growth climbs

Mixed UK labor data as unemployment rate and earnings growth climbs

In October, UK employment data indicated slight weakening in the labor market, with payrolled employees decreasing by -5k or -0.0% mom to a total of 30.4m. Comparing to the same month a year ago, payrolled employment rose 95k or 0.3% yoy. However, the claimant count for job-related benefits rose by 26.7k to reach 1.806mn, smaller than expectations of a 30.5k increase.

In the three months to September, unemployment rate climbed from 4.0% to 4.3%, higher than the anticipated 4.1%. On the earnings front, total average earnings, including bonuses, rose by 4.8% yoy, outpacing both the previous 3.9% growth and market forecasts. Excluding bonuses, average earnings grew by 4.8% yoy, marginally down from 4.9% yoy in the prior period but still above the projected 4.7% yoy.

Full UK labour market data release here.

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