Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
UK unemployment rose in the three months to September, the Office for National Statistics said Tuesday, with the ILO rate rising to 3.6% from 3.5% in August. The increase was driven in part by participation rates, but also by a single month increase to 3.8% in September, a spokesperson for the stats office said.
“The proportion of people neither working nor looking for work has risen again. Since the onset of the pandemic, this shift has largely been caused by older workers leaving the labour market altogether, but in the most recent quarter the main contribution has actually come from younger groups, Darren Morgan, ONS director of labour said.
Wages also rose in nominal terms, with average earnings excluding bonuses at 5.7%, up from a revised 5.5% in August. However, with inflation continuing to rise at a near double digit rate, real pay continues to suffer, falling 3.8% y/y with bonuses and 3.7% y/y ex-bonuses. The Bank of England continues to watch the labour market and wages in particular closely as it assesses the second round effects. (MNI INTERVIEW: UK Economic Inactivity Rise Likely To Persist)
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.