Unemployment fell unexpectedly to 4.7% in the three months to August, though job vacancies continued to decline to their lowest since 2021.
01Summary
- 01Unemployment fell to 4.7% from 4.9% in the three months to August, against economists' expectations of a rise to 5%.
- 02Payrolled employees rose by 13,000 between August and September to 30.3 million.
- 03Job vacancies fell by 21,000 to 691,000 in the three months to September, the lowest since 2021.
- 04Average wage growth including bonuses slowed to 3.7% from 3.9%, while excluding bonuses it rose to 3.7% from 3.6%.
- 05The ONS data provides context ahead of the budget on 28 October.
02Why it matters
The surprise fall in unemployment and slow wage growth will influence Bank of England interest rate decisions, affecting borrowing costs for households and businesses.
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