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Strong growth in UK employment


The UK's unemployment rate by the International Labour Organization (ILO) standard remained at 3.8%, compared with the market's original expectation of 3.9%. During the same period, the total employment continued to increase by 296,000, which was higher than the market expectation of 170,000, and the previous value increased by 177,000. As for wages, the average weekly wage growth slowed to 6.2% year-on-year, down 0.6 percentage points from the previous value, and the market had expected 6.7%. Salary growth excluding bonuses was 4.3% year-on-year, up 0.1 percentage points from the previous value, and the market expected 4.2%. The strong growth of the UK employment-population has strengthened the market's expectation that the Bank of England may need to raise interest rates by 50 basis points at the beginning of next month.
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