The UK's employment report showed signs of slowing in the labor market as the number of people working fell (14k) for the first time in a year, points out the research team at BBH.
“Those neither working nor looking for work rose by the most in seven years. The unemployment rate was unchanged at 4.3%. Average weekly earnings rose 2.2% in the three-month year-over-year period, after the upward revision to 2.3% in the period ending in August.”
“Excluding bonus payments, weekly earnings rose at 2.2%, the same as previously. Sterling initially rallied on the news and reached the session high (~$1.3215) before sliding back to session lows (a little below $1.3140). It then recovered to little-changed levels (~$1.3165).”
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