European Daily Market Review
As shown by official data released today, the unemployment rate in the UK unexpectedly fell in September, despite the higher than expected increase in the number of applicants for unemployment benefits in October, while wage growth has not met expectations.
The Office for National Statistics said that UK unemployment rate in the three months through September fell to 4.8%, although the forecast said it would remain unchanged at 11-year low of 4.9%.
The number of applicants for unemployment benefits rose in October to a seasonally adjusted 9,800 in comparison with the expectations of growth by 2000 and after increasing by 5600 the previous month.
Meanwhile, the average level of wages, taking into account premiums, rose by a seasonally adjusted 2.3% in the three months to September, which is in line with the expectations.
The average wage, excluding bonuses, rose 2.4%, which is in line with expectations, after rising for three months in August by 2.3%.