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TOP NEWS: UK jobless rate slips below 4% and pay growth tops forecast

Tue, 13th Feb 2024 07:20

(Alliance News) - The UK unemployment rate was lower than expected in the last three months of 2023, and growth in earnings was more robust, data showed on Tuesday.

According to the Office for National Statistics, the jobless rate faded to 3.8% in the three months to the end of December from 4.2% in the period from September to November.

Unemployment had been expected to ease slightly less, to 4.0%, according to FXStreet-cited market consensus.

Annual growth in regular earnings, so excluding bonuses, amounted to 6.2% in the three months to December. Including bonuses, earnings rose 5.8% on-year.

Pay growth was hotter than expected by both measures. Earnings including bonuses had been expected to rise by 5.6%, according to FXStreet, while excluding bonuses, a rise of 6.0% was forecast.

Annual earnings, both including and excluding bonuses, had risen 6.7% on-year in the three months to November, so growth in pay slowed in the three months to the end of last year.

The next batch of UK unemployment data is scheduled for March 12, so before the Bank of England's next decision on March 21.

On Wednesday, the ONS reports UK inflation data for January. Annual consumer price inflation is expected to have picked up to 4.2% last month from 4.0% in December, according to FXStreet.

By Eric Cunha, Alliance News news editor

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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