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UK ex bonus wage growth dropped to 4.8% in September, although this was marginally higher than the 4.7% estimate, keeping the Bank of England on track for a gradual path of rate cuts.
Unemployment rose from 4.1% to 4.3%, vacancies declined once again, and payrolls supposedly dropped by 9,000 in the month of August.
There isn’t quite as much progress on the wage growth side as the consensus had expected, but the figures are broadly supportive further quarterly rate cuts. As always, the employment data can only be taken with a pinch of salt, and that’s why sterling is holding relatively steady.
Overall, we are still looking at a loosening labour market – this is the 28th report in a row in which there has been a drop in vacancies.
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