UK unemployment fell to 4.7% in the three months to August, down from 4.9% in the three months to July and the lowest since the three months to July 2025, according to the Office for National Statistics (ONS); most economists had expected a rise to 5%. Wage growth edged up to 3.7%, or 0.8% after inflation, but job vacancies dropped by 21,000 to 691,000 in the three months to September, their lowest level in over five years, with construction seeing the largest fall. Businesses have been hit by higher National Insurance contributions and minimum wage rises, while energy costs have spiked since the start of the Iran war. ONS deputy director David Freeman said the labour market remained broadly flat in 2026, and total pay including bonuses has slowed to its lowest rate in nearly six years. Ben Harrison of the Work Foundation warned the government should not be complacent before next week's Budget, noting that 715,000 young people aged 16–24 are unemployed, down 28,000 on the quarter but 54,000 higher than a year earlier.
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GBP/USD
• NeutralRelevance: low
| Market | Currencies |
|---|---|
| Close on 10/19/2026 | 1.33040 |
| Change that session | -0.20% |
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- UK unemployment falls to lowest in a year but vacancies slide further
- UK unemployment falls to lowest in a year but vacancies slide further
- UK unemployment falls to lowest in a year but vacancies slide further
- UK unemployment falls to lowest in a year but vacancies slide further
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UK unemployment fell to 4.7% in the three months to August, down from 4.9% in the three months to July and its lowest since the three months to July 2025, against most economists' expectations of a rise to 5%, according to the Office for National Statistics (ONS). Wage growth rose to 3.7% (0.8% after inflation), though total pay including bonuses eased to its lowest in nearly six years. Vacancies fell by 21,000 to 691,000 in the three months to September, their lowest in more than five years, as smaller businesses cited higher labour costs from National Insurance rises, the minimum wage and energy prices since the Iran war, with construction seeing the biggest drop. Ben Harrison of the Work Foundation at Lancaster University warned the government should not be complacent before next week's Budget, noting 715,000 young people aged 16–24 are unemployed, down 28,000 on the quarter but 54,000 higher than a year earlier.
- UK unemployment falls to lowest in a year but vacancies slide further
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