UK labour market report: jobs, pay and what they do to the pound

The UK labour market report is the monthly release from the Office for National Statistics on jobs, unemployment, vacancies and pay. For the pound its most watched part is wage growth, because pay feeds into services inflation and the Bank of England reads it closely.

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By Mike. Explanation updated 2 Oct 2026; the dates and moves below update with the research.

UK labour market report in short

Next release: Not on our calendar yet. It appears once the date is confirmed.
Published by: Office for National Statistics
When: Monthly, usually on a Tuesday around the middle of the month, at 7:00 in the morning UK time. That is 08:00 in Amsterdam all year round, because the UK and the Netherlands change their clocks on the same days.
Currency: British pound (GBP)
Impact: High: one of the releases that can move the currency on its own
The line read first: Private sector regular pay growth and the unemployment rate, against the forecast
Covers: Survey and pay data for three months ending two months earlier; payrolls and the claimant count for the month just gone
Central bank that watches it: The Bank of England, whose minutes quote private sector regular pay growth

What is in the UK labour market report

The release, Labour market overview, UK, brings several sources together. The Labour Force Survey gives the employment, unemployment and inactivity rates. Average Weekly Earnings gives pay growth, with and without bonuses, for the private and the public sector.

Tax records add a count of payrolled employees from the Pay As You Earn system, with an early estimate for the month just gone. The claimant count shows how many people claim out of work benefits, and there is an estimate of job vacancies.

Most of the survey and pay figures are rolling three month averages. That smooths them, but it also means the report runs behind: the September release holds pay for May to July.

Why the UK labour market report moves the pound

Pay is a large part of what service firms spend, so faster wage growth tends to push services prices up. That makes pay one of the main inputs for the Bank of England's view on inflation.

Pay growth above the forecast makes a higher path for Bank Rate more likely and usually lifts the pound. A rise in unemployment points to slack in the economy and works the other way.

The Bank's minutes quote private sector regular pay, Average Weekly Earnings without bonuses. Public sector pay follows government pay awards and bonuses swing from month to month, which is why the market reads the private regular line first.

How to read the UK labour market report

Start with private sector regular pay against the forecast, then the unemployment rate. A tenth or two on pay can matter more than a large move in the payroll count.

Treat the survey figures with care. The ONS says responses to the Labour Force Survey have improved, but that some volatility remains, above all in smaller breakdowns.

The payroll count for the latest month is an early estimate, so it can change in the next release. Read it next to the claimant count and the survey before drawing a line under the month.

What the British pound did on the last release days

Our calendar keeps the exact time of each release since 16 September 2026. The first UK labour market report after that date will show here with the British pound's move around it.

For scale: on an ordinary day the British pound moves 0.14% against the basket from one London opening to the next, either way, on average over the 250 trading days since 14 Oct 2025.

The forecast, the figure itself and what it changed in our view of the currency are in the app, next to the research.

Questions about UK labour market report

What time is the UK labour market report released?

At 7:00 in the morning UK time, usually on a Tuesday around the middle of the month. That is 08:00 in Amsterdam all year round.

Which wage figure does the Bank of England watch?

Private sector regular pay: Average Weekly Earnings without bonuses, for the private sector, over three months against a year earlier. It leaves out bonuses and public sector pay awards, which can swing for reasons of their own. The Bank's minutes quote it.

Can I trust the UK unemployment rate?

With some care. It comes from the Labour Force Survey, and the ONS says that although responses have improved, some volatility remains, notably for mid-2023 and 2024. It is best read together with the payroll count and the claimant count.

What period does the UK jobs report cover?

The survey and pay figures cover three months ending about two months before the release, so the September report holds May to July. The claimant count and the early payroll estimate cover the month just before the release.