07:00 AM GMT, United Kingdom - Employment Data for October:
- Unemployment Rate Actual 5.1% (Forecast 5.1%, Previous 5.0%)
- Employment Change SA Actual -38k (Forecast -20k, Previous -32k)
- Unemployment Change Actual 20.1k (Forecast 18k, Previous 29.0k)
- Employment Change 3M/3M Actual -16k (Forecast -75k, Previous -22k)
- Average Weekly Earnings YoY Actual 4.7% (Forecast 4.4%, Previous 4.8%)
UK labour market continued softening: employment fell by 17k (a smaller drop than expected), payrolls declined again in November (-38k), and the unemployment rate has risen to its highest level since early 2021. Despite weakening labour conditions and a further drop in the employment rate to 74.9%, wage growth remains relatively resilient, with total average weekly earnings up 4.7% and regular pay up 4.6%, both slightly above expectations. Real wage growth is marginally positive, but the number of payrolled employees has now fallen to its lowest since September 2023, underscoring the gradual cooling of the labour market.
The BoE is expected to cut interest rates at its meeting on Thursday.
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