UK labor market data for November pointed to further cooling in employment conditions. Payrolled employment fell by -38k on the month, a -0.1% mom. Annual drop widened to -171k, or 0.6% yoy. Annual payroll growth has now been negative every month since March.
Wage indicators showed clearer signs of easing at the margin. Median monthly pay growth slowed sharply to 2.7% yoy, down from 3.7% previously and less than half the pace seen in August. At the same time, the claimant count rose by 20.1k.
That said, broader earnings data remains elevated. In the three months to October, unemployment rate edged up from 5.0% to 5.1%. Average earnings growth surprised to the upside, rising 4.7% yoy including bonuses and 4.6% yoy excluding bonuses.
