Uk Unemployment Rate, Wage Growth Rise in Q3

• Uk Wage Growth, Unemployment Rate Rise in Q3

Uk Unemployment rate rose to 4.1 percent in the third quarter, according to the Office for National Statistics (ONS).

The number was 0.1 percent higher than the second quarter but 0.2 percent lower than 4.3 percent filed a year ago.

Total number of unemployed people rose by 21,000 to 1.38 million in the quarter, despite data showing employment grew by 23,000 to a record high of 32.4 million during the same period.

The increase in both employment and unemployment rate was attributed to the rising UK population.

According to the report, average hourly earnings climbed from 2.8 percent in the previous month to 3 percent in the year to September. The fastest rate of growth for wages in a decade.

Matt Hughes, ONS senior statistician, said: “The labour market is little changed on the previous three months, though still stronger than it was at this time last year.

“With faster wage growth and more subdued inflation, real earnings have picked up noticeably in the last few months.

“However, real wage growth is below the level seen in 2015, and real wages have not yet returned to their 2008 levels.

“The recent uptick in British nationals in work and the decline in workers from the so-called A8 Eastern European countries both seem to be accelerating.”

Pushing job vacancies up by 14,000 in the quarter to a record high of 845,000.

The pound pared losses against the US dollar to trade at 1.2961. Still, the uncertainty surrounding the Brexit is expected to impact recovery and further drag the pair down below 1.29 price levels.