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UK annual wage growth hits 3-year high; jobless rate unexpectedly ticks up

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UK annual wage growth hits 3-year high; jobless rate unexpectedly ticks up

Annual wages in the U.K. grew in line with expectations in the three months to September, though the unemployment rate unexpectedly picked up.

Average weekly earnings, including bonuses, grew 3.0% year over year in nominal terms in the three months to September, compared with a revised 2.8% rise in the three months to August, the Office for National Statistics said. This was the fastest pace of increase since September 2015, the ONS said.

Excluding bonuses, average weekly earnings rose 3.2%, marking the highest growth rate since December 2008.

Adjusted for price inflation, earnings grew 0.9% year over year without bonuses and by 0.8% including bonuses.

The unemployment rate in the three months to September ticked up to 4.1% from 4.0% in the three months to August. The Econoday consensus estimate was for a 4.0% print.

Sterling traded 0.28% higher against the dollar at just below $1.29 as of 5:19 a.m. ET on Nov. 13.