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Breaking: UK Unemployment Rate Rises to 4.3% in September, Less Than Expected

Breaking: UK Unemployment Rate Rises to 4.3% in September, Less Than Expected

The unemployment rate in the UK was higher than expected at 4.3% in the three months to September, up from 4.0% in August, versus the expected rate of 4.1%, according to the Office for National Statistics. Claimant Count Change increased by 26.7K in October, lower than the expected increase of 30.5K and sharply higher than September revised 10.1K gain.


On the wage front, Average Earnings ex-bonuses rose 4.8% y/y in the three months to September, marginally higher than the consensus estimate of 4.7%. Including bonuses, earnings also posted the same 4.8% rise, stronger than the forecast of 3.9%. However, the employment change for September slumped sharply to 219K from 373K in August, hinting at a mixed UK labor market.


In response to the data, GBP/USD extended its fall to come in at -0.42% at 1.2814 as markets digested the weaker-than-expected employment figures alongside stronger-than-anticipated wage growth. The labor market data adds to the pressure on the Bank of England's policy outlook against a backdrop of ongoing economic uncertainty.

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