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UK wage growth slows, unemployment drops

UK wage growth slows and unemployment drops

U.K. unemployment report released on Tuesday showed that wage growth slowed and the unemployment rate fell.   

Average earrings including bonuses rose 3.6 percent in the quarter ended September from a year earlier, decelerating from a prior of 3.8 percent. Excluding bonuses, pay growth slowed to 3.6 percent year-on-year from 3.7 percent.

Unemployment rate fell to 3.8 percent during the same period, compared to both previous and forecast readings of 3.9 percent.

The number of people out of work dropped 23,000 to 1.306 million. Employment decreased by 58,000, the biggest fall since mid-2015, to 32,753 million. 

Jobless benefits edged up to 33,000 last month from a preceding of 21,100 in September, compared to forecasts of 24,200 soar.

As of 10:00 GMT, the pound traded lower versus the dollar at 1.2838, following its rise on Monday to a peak of 1.2897.

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