UK ILO Unemployment Rate rose to 3.7% in October vs. 3.7% expected

The Unemployment Rate in the UK arrived at 3.7% in October.
UK Claimant Count Change came in at +30.5K in November.
The UK wages excluding bonuses rose by 6.1% YoY in October vs. 5.9% expected.

Dhwani Mehta FXStreet

According to the latest data released by the Office for National Statistics (ONS) on Tuesday, the UK’s ILO Unemployment Rate rose from 3.6% to 3.7% in October vs. the 3.7% expected while the claimant count change showed an unexpected jump in the reported month.

The number of people claiming jobless benefits leaped by 30.5K in November when compared to -6.4K booked previously and -13.3K expectations.

The UK’s average weekly earnings, excluding bonuses, arrived at +6.1% 3Mo/YoY in October versus +5.8% last and +5.9% expected while the gauge including bonuses came in at +6.1% 3Mo/YoY in October versus +6.0% previous and +6.2% expected.

Key points (via ONS)

“Payrolled employment increased by 107,000 employees (0.4%) in November 2022 when compared with October 2022, though this should be treated as a provisional estimate and is likely to be revised when more data are received next month.”

"The UK November Payrolls Change 107k vs 74k prior."

GBP/USD reaction

GBP/USD remains unfazed by the mixed UK employment data, adding 0.20% on the day to trade near 1.2300, as of writing.

About UK jobs

The UK Average Earnings released by the Office for National Statistics (ONS) is a key short-term indicator of how levels of pay are changing within the UK economy. Generally speaking, positive earnings growth anticipates positive (or bullish) for the GBP, whereas a low reading is seen as negative (or bearish).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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