UK Unemployment Sticks to 42-Year Low, Missing Consensus

UK Unemployment Sticks to 42-Year Low, Missing Consensus

© Reuters.  UK jobless rate holds at 4.3% vs. 4.2% forecast © Reuters. UK jobless rate holds at 4.3% vs. 4.2% forecast

Investing.com – The jobless rate in the UK was unchanged at a prior 42-year low in October, missing expectations, while wage inflation increased, providing some relief to the cost of living squeeze in Britain, official data showed on Wednesday.

The Office for National Statistics said that the held steady at 4.3% in October, compared to forecasts for it to drop to 4.2%.

The increased by a seasonally adjusted 5,900 in November, worse than expectations for a gain of 3,200 people and following a rise of 6,500 a month earlier, whose figure was revised from a previously reported 1,100 increase.

Meanwhile, the , rose by a seasonally adjusted 2.5% in the three months to October, in line with forecasts. September’s reading was revised to a gain of 2.3% from the prior 2.2% increase.

, wages rose by 2.3% in the three months to October, compared to expectations for a 2.2% gain. This average earnings index rose 2.2% a month earlier.

“Latest estimates show that average weekly earnings for employees in Great Britain in real terms (that is, adjusted for price inflation) fell by 0.2% including bonuses, and fell by 0.4% excluding bonuses, compared with a year earlier.,” the ONS added in the report.

Following the report, traded at 1.3342 from around 1.3361 ahead of the release of the data, was at 0.8802 from 0.8792 earlier, while exchanged hands at 151.27 compared to 151.43 previously.

Meanwhile, European stock markets showed mixed trade. London’s inched up 0.01%, the benchmark was unchanged, France’s edged down 0.08%, while Germany’s gave up 0.12%.

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