UK Unemployment Rate Drops to 4.7% as August Employment Surges by 102,000

The UK ILO unemployment rate unexpectedly declined to 4.7% in the three months to August, beating market forecasts of 5.0% and down from 4.9% previously. Official data showed employment surged by 102,000, well above expectations of 5,000, while regular pay rose 3.7% year-over-year. However, underlying indicators showed hiring fragility. UK job vacancies dropped by 21,000 in the three months to September to 691,000, hitting their lowest level in more than five years. September payrolls increased by a provisional 13,000, following an upwardly revised 1,000 gain in August.