UK October ILO unemployment rate 5.1% vs 5.1% expected

The UK’s October ILO unemployment rate remained steady at 5.1%, aligning with expectations, which is a slight increase from the prior 5.0%. Meanwhile, the employment change reported a decrease of 17,000, significantly better than the expected decline of 67,000. Additionally, the November payroll numbers showed a drop of 38,000, worsening from the previous month's 32,000 decline. On a positive note, average weekly earnings rose by 4.7% year-on-year, outperforming the forecast of 4.4%. The average weekly earnings excluding bonuses was also revised upwards from 4.6% to 4.7%. These figures indicate that while the labor market expansion persists, there is an overarching tendency towards a decline in employment. Market implications and responses to these metrics will be essential to watch, especially in how they influence monetary policy moving forward, but currently, no market reaction is evident, highlighting ongoing uncertainties in the region's economic landscape.