Dow Jones Newswires: UK unemployment rate fell in three months to August

by | Oct 11, 2022 | Stock Market

The U.K.’s unemployment rate decreased in the three months to August and pay growth accelerated, signaling that the country’s job market remained tight. The U.K.’s unemployment rate was 3.5% in the three months to August, down from a revised 3.8% in the preceding three-month period, data from the Office for National Statistics showed Tuesday. Economists polled by The Wall Street Journal expected the jobless rate at 3.6%.

Employment increased further in September. The number of pay-rolled employees rose by 69,000 on month to a record of 29.7 million. Wage growth accelerated as employers stepped up their efforts to retain staff. Average weekly earnings excluding bonuses in the three months to August rose 5.4% on year, more than the 5.2% increase registered in the preceding three-month period. Adjusted for inflation, earnings without bonuses decreased 2.9%. Write to Maria Martinez at maria.martinez@wsj.com

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