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UK unemployment rate drops to lowest since 2008

FXStreet (Mumbai) - The data released by the UK Office for National statistics (ONS) on Wednesday showed the unemployment fell to its lowest rate since mid-2008, a sign that the economy stayed resilient to the global slowdown.

The jobless rate fell to 5.4% in three months to August from 5.5% in the previous three months. However, wage growth excluding bons slowed to 2.8% from 2.9%. Pay growth, including bonuses rose to 3% from 2.9%, but printed lower than expectation of 3.1%.

Adjusted for prices, wage growth held at 2.7% in the latest three months. The number of people in work rose 140,000 to 31.1 million in the latest three months, while the jobless claims rose for a second month in September.

The drop in the unemployment rate is slightly positive, however, the slowdown in the wage growth is a cause of worry.

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