UK Labor Market Cools

U.K. unemployment held at a 42-year low in the third quarter but there are signs that the labor market is slowing as the number of people in work fell for the first time in almost a year.The jobless rate averaged 4.3 percent between July and September, the Office for National Statistics said on Wednesday. But employment fell by 14,000, the first decline since October last year and the biggest drop since June 2015.

Basic wage growth stayed at just above 2 percent, well below the rate of inflation, and the number people neither in work nor looking for a job rose by the most in more than seven years.

Source: U.K. Labor Market Shows Signs of Slowing as Employment Falls – Bloomberg

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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.