UK October earnings growth likely to drop

UK average weekly earnings 3M is expected by the market consensus to drop to 2.5% yoy in the month of October, from that of its previous value of 3%, while weekly earnings excluding bonus 3M is likely to record a slight decline of 0.2%.

The claimant count rate is expected to be steady in November as per the market consensus, while the claimant count change is expected to drop by 1.3%. Steady unemployment rate is expected in October.

"We predict another fall in total earnings growth from 3% to 2.6%. Whilst employment growth should remain very strong the claimant count (for November) should record another minor increase", says Societe Generale in a research note.