UK August jobs report: unemployment rate tick lower, wage growth disappoints

According to the latest UK jobs report, released by the Office for National Statistics on Wednesday, the UK official jobless rate ticked lower to 4.3% in July, while the claimant count unexpectedly dropped in August.

In fact, the number of people claiming unemployment-related benefits dropped by -2.8K in August as against an expected rise of 0.6K and a drop of 2.9K (revised higher from 4.2K) recorded in the previous month. 

Wage growth, excluding bonuses bettered expectations, came in at 2.1% versus 2.1% previous and expected, while the gauge including bonuses also surprised on the downside, coming in at 2.1% 3m y/y versus 2.3% expected.