Latest data released by ONS - 16 November 2021
- Prior -51.1k
- Claimant count rate 5.1%
- Prior 5.2%
- September ILO unemployment rate 4.3% vs 4.4% expected
- Prior 4.5%
- September employment change 247k
- Prior 235k
- September average weekly earnings +5.8% vs +5.6% 3m/3m expected
- Prior +7.2%
- September average weekly earnings (ex bonus) +4.9% vs +5.0% 3m/3m expected
- Prior +6.0%
Slight delay in the release by the source. The readings are more or less in line with estimates, reaffirming a continued improvement in UK labour market conditions as a whole.
The number of payrolled employees is seen up 160,000 from September to 29.3 million persons. That said, the number of job vacancies in the three months to October has risen to a new record of 1,172,000 (up 388,000 from the pre-pandemic period).
Annual average pay growth is seen cooling off a little but remains elevated as ONS notes that the figures are still largely impacted by base effects for the most part.
The pound is seeing a bit of a tick higher with cable moving up from 1.3425 to 1.3443 as this just reaffirms more ripe conditions for the BOE to act next month.
