UK wages rose by 3.3% in October, beat expectations

• The UK wages excluding bonuses rose by 3.3% y/y compared to 3.2% y/y expected.
• The UK wages including bonuses rose by 3.3% y/y compared to 3.0% y/y expected.
• The UK unemployment rate steadied at 4.1% in October.

The Office for National Statistics (ONS) showed on Tuesday, the UK’s average weekly earnings, excluding bonuses beat expectations, arriving at 3.3% 3m y/y versus 3.2% last and 3.2% expected while the gauge including bonuses came in at % 3m y/y versus 3.0% previous and 3.0% expected.

The Kingdom’s official jobless rate steadied at 4.1% in October, while the claimant count change showed a much bigger-than-expected increase.

The number of people claiming jobless benefits rose by 21.9k in October, against expectations of a 13.2k increase and +23.2k seen previously. The claimant count rate rose to 2.8% in the reported month.