ILO unemployment rate falls to 4.5% in August, its lowest level in 12 months

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The UK ILO unemployment rate fell one tenth in August to 4.5%, as expected, from 4.6% in July. This is the lowest unemployment rate seen in the last twelve months, specifically since August 2020.

The Salaries including bonuses grew in the period from June to August by 7.2%, improving the estimated 7%, but below the previous 8.3%. Excluding bonuses, average earnings were up 6% versus 5.9% forecast and 6.8% previously.

In the month of September, Unemployment claims were lowered by 51,100. In August they had been reduced by 58,600. This is the seventh consecutive month of falls in the number of unemployed.

GBP / USD reaction

GBP / USD has risen to day highs following the release of employment data, rising to 1.3612. Previously, midway through the Asian session, the pair had fallen to a three-day lows at 1.3581.

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