The UK unemployment rate fell to 4.7 per cent in the three months to August, the Office for National Statistics said today, prompting traders to bet that the Bank of England will raise interest rates to 4 per cent next month.
The rate was down from 4.8 per cent and below the 4.9 per cent forecast by economists. The figures also showed higher overall employment, a fall in economic inactivity and stabilising wage growth.
Average weekly earnings excluding bonuses grew by 3.7 per cent, up from 3.6 per cent, against economists’ expectations of no change over the three-month period.
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