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Employment in UK declined in August-November

Employment in the UK declined for the first time in over an year during the period from August to November. The number of employed decreased by 6,000 to 31.76 million people shows the report of National Statistics Office. The decrease is indeed modest, and the share of unemployed remained unchanged at 4.8%, but the experts from the Statistical Office indicate that the labor market seems to have lost momentum in recent months.

The October data shows that unemployment rose from 4.6% in September to 4.9% in October. This is the first genuine disappointment from the UK labor market, which had been seen in the hard data since the Brexit vote

During the three months the unemployed decreased by 16,000 To 1.62 million people, but this decline was offset by an increase in the proportion of inactive people (those, who are not working, not looking for work and are unemployable).

The data came a day before the Bank of England (BoE) to announce its decision on monetary policy. It is expected that on Thursday the regulator to keep the interest rate unchanged at 0.25%.

Meanwhile, the number of people claiming unemployment benefits rose by 2,400 in November to 809,000.

The growth in wages accelerated to 2.6%, which is the highest value since August 2015 as real wages rise already the fourth consecutive month was 1.7%. Since inflation is expected to accelerate next year, the actual increases may shrink.

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