UK Unemployment Falls but Wage Growth Disappoints

The U.K. labor market continued to improve in the three months to September but wage growth was below expectations, according to the latest data from the Office of National Statistics (ONS).

In its latest monthly report on the labor market, the ONS said the country’s unemployment rate fell to 5.3 percent, the lowest level since the three months to April 2008.

Wage growth lagged expectations, however, with average weekly earnings rising 3 percent, year on year, in the three months to September, below forecasts for a 3.2 percent increase by analysts polled by Reuters.

Sterling fell to $1.5143 against the dollar after the data, down from $1.5170 beforehand.


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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.