The UK Unemployment Rate declined to 3.8% in Q4 2023. The UK ILO Unemployment Rate dropped to 4.% in three months to December, compared to 4.2% in November, showed the Office for National Statistics (ONS) data.
The results are above the market forecast for a 4.0% decline.
The UK unemployment data supported the local currency and GBP/USD pair rose toward 1.2650.
The Office for National Statistics (ONS) data also shows that the number of people applying for jobless benefits rose by 14.1K in January, comparted to 5.5K increase in December.
The average Earnings excluding Bonus in the UK rose by 6.2% 3M YoY in December, beating the market expectations of a 6.0% growth. Another measure of wage inflation, Average Earnings including Bonus increased 5.8% in the reported period, compared with a 6.7% increase in November and the expected 5.6% raise.
