UK jobs mixed: Unemployment rate drops, Claimant count jumps

The Office for National Statistics noted on Wednesday, the UK’s official jobless rate ticked lower to 4.8% in September, the lowest since Q3 2005, however, the claimant count reached the highest levels since May this year.

The number of people claiming jobless benefits climbed sharply by 9800 in October from 800 jobseekers seen previously. The claimant count rate remained unchanged at 2.3% in the last month.

Wage growth, excluding bonuses missed expectations, coming in at 2.3% versus  a revised 2.3% booked previously, while the gauge including bonuses matched expectations at 2.4% 3m y/y versus 2.3% last. Employment change for August stood at 106k vs 76k expected and 174k prior.