In October, UK employment data indicated slight weakening in the labor market, with payrolled employees decreasing by -5k or -0.0% mom to a total of 30.4m. Comparing to the same month a year ago, payrolled employment rose 95k or 0.3% yoy. However, the claimant count for job-related benefits rose by 26.7k to reach 1.806mn, smaller than expectations of a 30.5k increase.
In the three months to September, unemployment rate climbed from 4.0% to 4.3%, higher than the anticipated 4.1%. On the earnings front, total average earnings, including bonuses, rose by 4.8% yoy, outpacing both the previous 3.9% growth and market forecasts. Excluding bonuses, average earnings grew by 4.8% yoy, marginally down from 4.9% yoy in the prior period but still above the projected 4.7% yoy.
