The UK unemployment rate edged lower in the three months to August, but wage growth abated, numbers on Tuesday showed.

According to the Office for National Statistics, the jobless rate faded to 4.0% in the three months to August, from 4.1% in the three months to July. The latest figure compared to FXStreet-cited consensus of 4.1%.

Wage growth eased. Averages earnings excluding bonuses rose 4.9% in the three months to August, cooling from 5.1% in the three months to July. The figure for August was in line with expectations.

Annual growth in total earnings, so including bonuses, was 3.8%, a figure the ONS said was skewed by the NHS and civil service one-off payments made in June, July, and August of 2023. Growth in earnings including bonuses eased from 4.0% in three months to July.

The latest figure met FXStreet-cited forecasts.

Separate estimates indicated the number of payrolled employees rose by 0.4% in September, when compared with the same month a year prior.

The number of payrolled employees was largely unchanged in September when compared with August, however, decreasing slightly by 15,000 employees.

Provisional figures indicate that median monthly pay increased by 5.3% in September when compared with a year prior.

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