UK Unemployment Falls to 4.7% as Vacancies Drop to 691,000 Before Budget
Updated
Updated · The Guardian · Oct 20
UK Unemployment Falls to 4.7% as Vacancies Drop to 691,000 Before Budget
3 articles · Updated · The Guardian · Oct 20
Summary
The UK jobless rate fell to 4.7% in the three months to August from 4.9%, defying forecasts for a rise to 5% in the last labor-market reading before John Healey’s first budget.
Payrolls added 13,000 workers between August and September to 30.3 million, while unemployment among 16- to 24-year-olds fell by 28,000 on the quarter to 715,000.
Vacancies dropped by 21,000 to 691,000 in the three months to September—the lowest since 2021—prompting economists to warn the economy is moving sideways and hiring demand remains weak.
Pay data were mixed: regular wage growth edged up to 3.7% from 3.6%, but total pay growth including bonuses slowed to 3.7% from 3.9%, still above August inflation of 3.1%.
Sterling rose about half a cent to $1.3352 after the release, while markets still expect the Bank of England to keep tightening as inflation is seen rising to 3.4% in September.