UK unemployment rate lower after new ONS data

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The UK unemployment rate fell to 3.9% from 4.2% in the three months to November, according to new data from the Office for National Statistics (ONS). However, the economic inactivity rate was higher than previous estimates and average hours worked were revised down. The revised survey suggests that wage pressure could remain elevated, supporting the Bank of England's caution on cutting rates. The ONS will conduct face-to-face interviews to improve the quality of UK labour market data. Vodafone beat analyst estimates for organic revenue last quarter, while Fed Chair Jay Powell reiterated the forecast of three rate cuts for 2024. Chinese stocks have slumped, raising concerns about margin calls and potential political unrest.

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https://www.fxstreet.com/analysis/uk-unemployment-rate-lower-after-new-ons-data-202402050754