UK employment has unfortunately declined again in the recent quarter ended with a 40-year low of 4.3% in September. The data revealed a 14,000 decline from the preceding quarter to 32 million people. In the same period, while the figures for individuals in work weakened, the statistics of unemployed individuals plunged by 59,000, the Office for National Statistics (ONS) revealed.
The unemployment rate was seen unchanged at the level of 4.3%, it’s somewhat a down from 4.8% from the previous year’s data. More so, Wage Growth was also reported to have lagged behind inflation with it having an increase of 2.2% for the said period.
Westfield Shopping Centre, Stratford, London
According to reports, The UK unemployment rate is nearing its 40-year low with the result of 4.3% in September as the overall figures of employment searchers is estimated to increase by a mere 1.7K individuals throughout the equivalent periods.
The collective data of the inflation rate was beyond the 2% inflation estimation of the Bank of England. This was comparatively a sluggish move for the growth rate of nominal wages. With this, the inflation-adjusted wages were seen in a negative region for the time being. According to sources, the real buying power of households declines with price rates hovering sharper than wages. This will just put the economic growth under pressure which could also lead to deceleration.
Impact on The British Pound
Since the beginning of the current week, the British pound has faced pressures in the recent periods as the UK Political Scandal and the Brexit Discussions vagueness causing a huge impact on the Pound sterling.
Despite the apparent bearish trend on the Pound’s performance against the US Dollar, the pair has been recovering at the level of $1.3040-$1.3070 in the current week.
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