Surprise drop in UK unemployment to 4.7%
Summary
Unemployment in the UK fell to 4.7% in the three months to August, lower than expected. At the same time, the number of employees increased slightly, but job vacancies dropped to the lowest level since 2021. Wage growth remained higher than inflation.Key Facts
- UK unemployment dropped from 4.9% to 4.7% between June and August.
- Economists had expected unemployment to rise to 5%.
- The number of employees on payrolls rose by 13,000 to 30.3 million from August to September.
- Job vacancies fell by 21,000, reaching 691,000, the lowest since the Covid pandemic in 2021.
- Average wage growth including bonuses fell to 3.7% from 3.9%.
- Average wage growth excluding bonuses rose slightly from 3.6% to 3.7%.
- UK inflation was measured at 3.1%, lower than wage growth, which could affect future price increases.
- The Bank of England is concerned higher wages could cause inflation to rise again.
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