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UK wage growth slows, unemployment stabilizes

UK wage growth slows, unemployment stabilizes

U.K. unemployment report released on Tuesday showed that wage growth slowed and the unemployment rate stabilized at a record low.   

Average earrings including bonuses rose by 3.5 percent in the quarter ended October from a year earlier, decelerating from a prior of 3.6 percent. Excluding bonuses, pay growth slowed to 3.2 percent year-on-year from 3.7 percent.

Unemployment rate lingered at 3.8 percent during the same period, the lowest level in 45 years, compared to forecasts of 3.9 percent.

“For August to October 2019, an estimated 1.28 million people were unemployed. This is 93,000 fewer than a year earlier and 673,000 fewer than five years earlier,” the ONS revealed.

Jobless benefits edged up to 28,800 last month from a preceding of 26,400 in October, compared to forecasts of 21,200.

As of 10:00 GMT, the pound traded lower versus the dollar at 1.3198, extending its fall from Friday’s peak of 1.3514. 

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