UK's Q3 unemployment rate revised down to 3.9% by ONS, contrary to initial 4.2% estimate, and may influence Bank of England's rate-cutting decision.

The UK's unemployment rate was lower than initially thought for the quarter ending in November, according to the latest data from the Office for National Statistics (ONS). The revised unemployment rate is 3.9%, down from the earlier estimate of 4.2%. However, the inactivity rate also rose to 21.9% from 20.8%. The changes in the data follow an overhaul of the ONS labour force survey due to low response rates. This could impact the Bank of England's decision on cutting interest rates.

February 04, 2024
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