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UK Unemployment Rate Holds Steady, Wage Growth Still Sluggish

Published 15/11/2017, 09:33
Updated 15/11/2017, 09:43
UK unemployment rate holds steady, wage growth still sluggish

UK unemployment rate holds steady, wage growth still sluggish

Investing.com - The UK unemployment rate remained steady at a 42-year low September, while wage growth remained sluggish, according to official data released on Wednesday.

The unemployment rate in the three months to the end of September was unchanged at 4.3%, in line with economists’ expectations.

The number of people in employment fell for the first time in almost a year. There were 32.06 million people in work in the three months to September, a 14,000 drop on the previous quarter.

It was the first drop since August-October 2016, and the biggest decline since April-June 2015.

The Office for National Statistics said workers' total earnings including bonuses rose by an annual 2.2% in the three months to September, compared with an upwardly revised 2.3% in the period to August.

Economists had expected wage growth of 2.1%.

Excluding bonuses - which analysts say gives a better picture of the underlying trend – wages rose by 2.2% year-on-year, unchanged from the previous period and in line with forecasts.

That still leaves wages lagging behind inflation - which ran at a five-year high of 3.0% in September and October.

The Bank of England is watching wage growth closely as it gauges whether the increase in inflation is creating longer-lasting pressure on prices. It expects wages to rise by 2.0% this year before picking up in 2018 and 2019.

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