UK jobless rate holds steady at 42-year low.
This article is originally referred from Orbex Market Recap.
Beating expectations, the latest labor market data showed that the UK labor market continued to remain resilient.
Data released by the Office for National Statistics showed last week that the UK’s unemployment rate was steady at a 42-year low of 4.3%.
This marked the fourth consecutive month where the unemployment rate held near this low.
UK Employment Rate
The number of people entering the workforce also increased significantly beating expectations that pointed to a decline.
The total number of people out of work was little changed at 1.44 million compared to the previous period.
The employment rate edged higher from 75.4% previously to 75.3% while the number of employed jumped 102,000.
UK Average Earnings
There was some improvement in the average earnings as well.
Data showed that weekly earnings excluding bonuses increased 2.4% on an annual basis marking the high in nearly a year.
However, wages including bonuses remained steady at 2.5%.
Despite the slight improvement in wages, the UK’s real earnings continues to lag behind inflation.
UK Consumer Price
Consumer prices remained flat at 3.1% for the month of November which was the same period for which the earnings data was calculated.
David Freeman, statistician with ONS said:
“Demand for workers clearly remained strong, nevertheless inflation remains higher than pay growth and so the real value of earnings continues to decline.”
Original Source: Orbex Market Recap