UK ILO Unemployment Rate* (Jul) 4.7% vs. Exp. 4.7% (Prev. 4.7%)
- Vacancies 728k (prev. 738k); -1.4% Q/Q.
ONS
- "The labour market continues to cool, with the number of people on payroll falling again, while firms also told us there were fewer jobs in the latest period".
- "This weakness is reflected in a slight increase on the quarter in the unemployment rate. The number of vacancies also fell on the quarter, though the rate of decline appears to be slowing".
- "Wage growth ex-bonuses edged down further in cash terms, though it remains strong by historic standards".
Analysis details (07:08)
- Overall, a broadly in-line set of data. While the series does show the labour market remains and continues to weaken, the magnitude of this (particularly with wages still hot/ticking up) does not change the narrative for Thursday's BoE, where an unchanged base rate at 4.00% is very much the base case.
16 Sep 2025 - 07:00- Fixed IncomeImportant- Source: Reuters
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