UK employment falls by 26,000 in August as wage growth slows to 3.9%
AI Market Summary
UK labour data show softer conditions: employment fell by 26k in August and wage growth slowed to 3.9% (lowest since 2020), reinforcing disinflation signals the BoE monitors. With unemployment steady at 4.9%, the release supports expectations for rates to remain on hold near-term, even as energy-driven inflation is set to tick higher. GBP sensitivity may rise into CPI and the BoE decision.
Impact level
● Medium
Affected assets
NCFXGBP2USD/USDT-0.16%
AI Insight · NCFXGBP2USD/USDTAI Insight
● Neutral
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UK average earnings including bonuses rose 3.9% year on year in the three months to July, the weakest pace since November 2020 and down from 4.2% previously. Private-sector pay growth excluding bonuses eased to 2.9%, while the unemployment rate held at 4.9% in line with expectations. The Bank of England has said wage growth needs to settle in the 2-3% range to keep inflation stable at its 2% target.
