UK Unemployment Unexpectedly Dips While Job Vacancies Slide

UK unemployment unexpectedly dropped to 4.7%, but job vacancies continued to slide.

British unemployment unexpectedly fell to 4.7% over the summer alongside accelerating wage growth. However, job openings continued to shrink as smaller enterprises scaled back recruitment due to mounting staffing costs. The mixed labor market data arrives ahead of the upcoming national budget.

• The numbersUnemployment dropped from 4.9% to 4.7% in the three months leading to August.
• The causeSmaller businesses cited rising labor expenses as the primary reason for cutting back on recruitment.
• The contextThe latest snapshot of the workforce arrives ahead of the upcoming autumn budget presentation.

What's new · 2h agoFinancial Times reported that the jobs snapshot comes ahead of the chancellor's budget next week.