The U.K. labor market continued to improve in the three months to September but wage growth was below expectations, according to the latest data from the Office of National Statistics (ONS).
In its latest monthly report on the labor market, the ONS said the country’s unemployment rate fell to 5.3 percent, the lowest level since the three months to April 2008.
Wage growth lagged expectations, however, with average weekly earnings rising 3 percent, year on year, in the three months to September, below forecasts for a 3.2 percent increase by analysts polled by Reuters.
Sterling fell to $1.5143 against the dollar after the data, down from $1.5170 beforehand.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.