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MNI DATA IMPACT: UK Wage Growth Slows In Oct, Unempl Falls>

By Irene Prihoda and Laurie Laird 
     LONDON (MNI) - UK total wage growth slowed again in the three 
months to October, despite a further fall in unemployment levels, data 
released Tuesday showed. 
     The following are the key points from UK employment data 
published Tuesday by the Office for National Statistics.  
     - A sharp deceleration in wage growth could well job a few more MPC 
members to consider a reduction in the Bank Rate at this week's policy 
meeting.  Total wages increased by just 3.2%, well below expectations, 
and the slowest pace since the three months to September 2018. 
     - Real total wages also slowed sharply across the period, rising 
just 1.5% after rising 1.9% in the three months to October. Real wages 
ex-bonuses held up, rising 1.8% y/y as in September. Real wages were 
weighed in part by a base comparison to hefty bonus payments in 
October 2018.     
     - The Labour Force Survey unemployment rate flatlined at 3.8%, 
unchanged on September and still at the lowest level since December 
1974. Overall, unemployment is down 0.3 pp on quarter. 
     - The employment rate rose to a record high 76.2%, up from 76.0% in 
September and up 0.4% on quarter. Once again the rise was driven by 
females, seeing their unemployment rate fall to a record low 3.5%.
     - The October rise in employment levels was driven by 
self-employment, rising 33,000 against a net change of just 24,000,  
suggesting a modest decline in employed positions in the period.
     - Vacancies fell to 794,000, the lowest level since the three 
months to August 2017.  
     - Single month unemployment, an experimental and volatile number, 
fell to 3.5% in October, the lowest in a series that goes back to 
1992. It stood at 4.0% in September.
-London bureau: 44 (0) 203 865 3812; email:

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