The
UK
unemployment
rate
was
lower
than
expected
in
the
last
three
months
of
2023,
and
growth
in
earnings
was
more
robust,
data
showed
on
Tuesday.
According
to
the
Office
for
National
Statistics,
the
jobless
rate
faded
to
3.8%
in
the
three
months
to
the
end
of
December
from
4.2%
in
the
period
from
September
to
November.
Unemployment
had
been
expected
to
ease
slightly
less,
to
4.0%,
according
to
FXStreet-cited
market
consensus.
Annual
growth
in
regular
earnings,
so
excluding
bonuses,
amounted
to
6.2%
in
the
three
months
to
December.
Including
bonuses,
earnings
rose
5.8%
on-year.
Pay
growth
was
higher
than
expected
by
both
measures.
Earnings
including
bonuses
had
been
expected
to
rise
by
5.6%,
according
to
FXStreet,
while
excluding
bonuses,
a
rise
of
6.0%
was
forecast.
The
Bank
of
England
is
closely
monitoring
pay
growth
as
it
deliberates
on
the
next
course
of
action
for
monetary
policy.
Annual
earnings,
both
including
and
excluding
bonuses,
had
risen
6.7%
on-year
in
the
three
months
to
November,
so
growth
in
pay
slowed
in
the
three
months
to
the
end
of
last
year.
The
next
batch
of
UK
unemployment
data
is
scheduled
for
March
12,
so
before
the
Bank
of
England’s
next
decision
on
March
21
and
the
Budget,
due
March
22.
On
Wednesday,
the
ONS
reports
UK
inflation
data
for
January.
Annual
consumer
price
inflation
is
expected
to
have
picked
up
to
4.2%
last
month
from
4.0%
in
December,
according
to
FXStreet.
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