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UK employment fell by most in more than two years and wages lag inflation

GBPUSD News by Newsroom on 05:06 November 15, 2017 EST
UK employment fell in the third quarter to 32 million people, down by 14,000 from the previous quarter. The number of people in employment fell for the first time in almost a year. It is the first drop since the third quarter in 2016, and the biggest decline since June 2015.

While the number of people in work fell, the number of jobless also fell by 59,000 in the same period as the participation rate dropped, Office for National Statistics (ONS) data revealed on Tuesday.

The unemployment rate remained at 4.3% down from 4.8% a year earlier.

Wage growth remains subdued behind inflation which ran at a five-year high of 3.0% in September and October, up 2.2% on the previous year. Economists had expected wage growth of 2.1%.