UK ILO Unemployment Rate rose to 3.7% in October vs. 3.7% expected

• The Unemployment Rate in the UK arrived at 3.7% in October.
• UK Claimant Count Change came in at +30.5K in November.
• The UK wages excluding bonuses rose by 6.1% YoY in October vs. 5.9% expected.

According to the latest data released by the Office for National Statistics (ONS) on Tuesday, the UK’s ILO Unemployment Rate rose from 3.6% to 3.7% in October vs. the 3.7% expected while the claimant count change showed an unexpected jump in the reported month.

The number of people claiming jobless benefits leaped by 30.5K in November when compared to -6.4K booked previously and -13.3K expectations.

The UK’s average weekly earnings, excluding bonuses, arrived at +6.1% 3Mo/YoY in October versus +5.8% last and +5.9% expected while the gauge including bonuses came in at +6.1% 3Mo/YoY in October versus +6.0% previous and +6.2% expected.

Key points (via ONS)

“Payrolled employment increased by 107,000 employees (0.4%) in November 2022 when compared with October 2022, though this should be treated as a provisional estimate and is likely to be revised when more data are received next month.”

"The UK November Payrolls Change 107k vs 74k prior."

GBP/USD reaction

GBP/USD remains unfazed by the mixed UK employment data, adding 0.20% on the day to trade near 1.2300, as of writing.

About UK jobs

The UK Average Earnings released by the Office for National Statistics (ONS) is a key short-term indicator of how levels of pay are changing within the UK economy. Generally speaking, positive earnings growth anticipates positive (or bullish) for the GBP, whereas a low reading is seen as negative (or bearish).