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 Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam
Craig Erlam

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