The UK’s unemployment rate continues to confound expectations.
The headline rate of those out of work fell to 5.2% for October.
Analysts expected the unemployment rate for October, which takes the average of that month and the two that preceded it, to come in at 5.3%, the same as September.
September’s figure was better than the flat 5.4% economists had expected. And August’s 5.4% figure was below analysts forecasts of 5.5%.
The UK is more or less at full employment — the economic term for where everyone who can get a job in a functioning economy has one.
That’s great for now. The only worrying thing is it means things can only get worse…
Here’s the other data on employment and pay data we got on Wednesday:
- Average earnings increased by 2.4%, against forecasts of a 2.5% rise;
- Average earnings excluding bonus up by 2%, against expectations of 2.3% rise;
- Unemployment claimant count up 3,900, versus forecasts of a 2,000 change.