Mixed data from the UK job market. Jobless claims are up only 0.7K in September, but this comes on top of a revision from August: from 2.4K to 7.1K, which is not good news. The unemployment rate for August remains unchanged at 4.9% as expected. Wages are up 2.3% y/y and excluding bonuses, they are also up 2.3% y/y. The latter figure is a beat of expectations.
GBP/USD is flirting with 1.23 in the immediate aftermath.
The UK was expected to report a rise of 3,000 in the number of jobless claims (Claimant Count Change) in October, following an increase of 2,400 in September. The unemployment rate for August was predicted to remain unchanged at 4.9% for another month. Also, wages were projected to remain steady at 2.3% in the headline figure and 2.1% in the measure excluding bonuses.
GBP/USD was trading at the higher end of the post-flash-crash range, around 1.2285.
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