RistoArnaudov
UK Unemployment rate increased to 4.3% in May to July 2023, the highest level since Q3 2021, indicating that the labor market may be cooling off after months of unprecedented monetary policy tightening by the Bank of England.
The number of unemployed people increased by 159K to 1.46M, largely driven by individuals unemployed for up to 12 months.
Meanwhile, employment levels fell by 207K to 32.88M, which is more than the expected 185K drop, mainly driven by full-time self-employed workers.
Wages, excluding bonuses, were 7.8% higher than a year earlier during the three months to July, marking the largest increase since comparable records began in 2001.
Total pay growth has accelerated to 8.5%, surpassing expectations of 8.2%.
ETFs: (FXB), (EWU), (FKU), (EWUS), (HEWU), (FLGB).
Currency: (GBP:USD)