UK total employment dropped -58k in the three months to September. That’s the biggest contraction in the job markets in four years, taking employment total down to 32.75m. Unemployment rate dropped to 3.8% in September, down from 3.9%, and beat expectation of 3.9%. Unemployment also dropped -23k ti 1.31m. The set of data suggests that more people have dropped out of the labor market and stopped looking for work.
Wage growth also slowed notably. Average weekly earnings including bonus rose 3.6% 3moy, missed expectation of 3.8% 3moy. Average weekly earnings excluding bonus also slowed to 3.6% 3moy, down from 3.8% 3moy, missed expectations.