Unemployment Down; Wage Growth Exceeds......>

UK DATA: Unemployment Down; Wage Growth Exceeds Expectations      

--Sep-Nov Employment Level Up 141,000; Jobless Rate 4.0%   

--Sep-Nov Total Earnings +3.4% 3m y/y Vs +3.3% Aug-Oct

--Sep-Nov Regular Earnings +3.3% 3m y/y Vs +3.3% Aug-Oct

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The November jobless rate fell 0.3pp to 3.8%, according to 

experimental data, the lowest since the series began in 1992. That took 

the the jobless rate over the three months to November to 4.0%, the 

joint lowest rate since the three months to February 1975. On a single 

month basis, bonus payments in October were revised up to 21.7% y/y from 

initially 18.1%, feeding through to November's headline reading. Total 

nominal wages rose by 3.4% 3m y/y in November, the highest since July 

2008. Ex-bonuses, wage growth remained at 3.3% 3m y/y in November, last 

higher in November 2008. Real total pay, discounted by CPIH, grew by 

1.2% 3m y/y, the highest showing since November 2016.