UK August ILO unemployment rate 4.0% vs 4.1% expected

• Prior 4.1%
• Employment change 373k vs 250k expected
• Prior 265k
• Average weekly earnings +3.8% vs +3.7% 3m/y expected
• Prior +4.0%; revised to +4.1%
• Average weekly earnings (ex bonus) +4.9% vs +4.9% 3m/y expected
• Prior +5.1%
• September payrolls change -15k
• Prior -59k; revised to -35k

The UK jobless rate ticks lower again but in terms of payrolls, it’s yet another month of declines although the August figure saw a slightly better revision. It’s tough to get a good handle of the numbers here with the trend in the unemployment rate being rather wonky. ONS continues to highlight that the data estimates contain uncertainty, as per the usual caveat.

As for pay growth, it is seen cooling with real wages also being on the decline in the last three months. So, the BOE can take some comfort from that on the inflation front I guess.

This article was written by Justin Low at www.forexlive.com.