UK September ILO unemployment charge four.three% vs four.1% anticipated

• Prior four.zero%
• Employment change 219ok vs 290ok anticipated
• Prior 373ok
• Common weekly earnings +four.three% vs +three.9% 3m/y anticipated
• Prior +three.eight%; revised to +three.9%
• Common weekly earnings (ex bonus) +four.three% vs +four.7% 3m/y anticipated
• Prior +four.9%
• October payrolls change -5k
• Prior -15ok; revised to -9k

The UK jobless charge jumps up with payrolls for October as soon as once more displaying a web decline, although the quantity for September was revised just a little increased. There’s nonetheless a giant caveat to the numbers right here with ONS struggling to get an correct learn of underlying labour market circumstances. However after months of supposedly “higher” figures, the headline quantity is now correcting again to the opposite aspect.

ONS warns that: “Elevated volatility of LFS estimates, ensuing from smaller achieved pattern sizes, signifies that estimates of change ought to be handled with further warning.”

Nonetheless, all the main points make for a barely extra dovish learn for the BOE. The unemployment charge is up, payrolls change stays unfavourable, and actual wages proceed to carry thereabouts after the decline since Might.

GBP/USD is now all the way down to its lows for the day at 1.2815 after the info.

This text was written by Justin Low at www.ubaidahsan.com.



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