UK wages rose by 3.0% in September, bang on expectations

• The UK wages excluding bonuses rose by 3.2% y/y compared to 3.1% y/y expected.
• The UK wages including bonuses rose by 3.0% y/y compared to 3.0% y/y expected.
• The UK unemployment rate steadied at a four-decade low of 4.0% in September.

The Office for National Statistics (ONS) showed on Tuesday, the UK’s average weekly earnings, excluding bonuses, beat expectations, arriving at 3.2% 3m y/y versus 3.1% last and 3.1% expected while the gauge including bonuses came in at 3.0% 3m y/y versus 2.7% previous and 3.0% expected.

The Kingdom’s official jobless rate steadied at 4.0% in September, while the claimant count change showed a bigger-than-expected increase.

The number of people claiming jobless benefits rose sharply by 20.2k in September, against expectations of a 4.3k increase and +18.5k) seen previously. The claimant count rate rose to 2.7%.

“Latest estimates show that average weekly earnings for employees in Great Britain in real terms (that is, adjusted for price inflation) increased by 0.9% excluding bonuses, and by 0.8% including bonuses, compared with a year earlier,” the ONS said in the report.