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MNI BRIEF: UK Labour Market Strong, But Signs Of Weakening

(MNI) LONDON
(MNI) London

UK nominal wages continue to rise and jobs still added, but September sees signs of slowdown.

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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.

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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.

Keep reading...Show less