Weak UK labour-market data ahead of the Bank of England's Thursday rate decision showed employer layoffs in August exceeded expectations. The ONS said payroll employment fell 26,000 in August, after a revised 19,000 decline in the prior month, versus economists' expected fall of 5,000. Labour demand remains weak: vacancies dropped 8,000 to 702,000, a five-year low. The three-month unemployment rate to July held at 4.9%, though the ONS warned estimates are affected by data-collection quality issu

Weak UK labour-market data ahead of the Bank of England's Thursday rate decision showed employer layoffs in August exceeded expectations. The ONS said payroll employment fell 26,000 in August, after a revised 19,000 decline in the prior month, versus economists' expected fall of 5,000. Labour demand remains weak: vacancies dropped 8,000 to 702,000, a five-year low. The three-month unemployment rate to July held at 4.9%, though the ONS warned estimates are affected by data-collection quality issues. ONS said the figures are consistent with what Bailey has called a “low hiring, low firing” economy. Employers cited added uncertainty from the US–Iran conflict and Prime Minister Burnham's budget due October 28.