- The unemployment rate rose to 3.8% in April in the UK.
- The change in the applicant count came to -19,700 in May.
- UK wages excluding bonuses rose 4.2% yoy in April vs. 4.0% expected.
The Office for National Statistics (ONS) has shown on Tuesday that UK official jobless rate rose to 3.8% in April, up from 3.7% previously and 3.6% expected, while the change in applicant count has shown a smaller-than-expected drop last month.
The number of people applying for jobless benefits fell by 19,700 in Maycompared to -42,500 expected and -65,500 the previous month.
UK median weekly earnings excluding bonuses came in at +4.2% YoY in the three months to April vs. +4.2% prior and +4.0% expected, while the indicator including bonuses came in at +6.8% in April vs. +7.0% prior and +7.6% expected.
Key Points (via ONS)
Salaried employment increased by 90,000 employees (0.3%) in May 2022 compared to April 2022, although this should be treated as a provisional estimate and is likely to be revised when more data is received next month.
Vacancies in the UK rose to a new record of 1.3 million in the three months to May.
UK real total wages, using the CPI measure of inflation, rose 0.4% in the three months to April.
About employment in the UK
Average earnings including bonuses published by National Statistics are a key short-term indicator. This data looks at how payment levels change in the UK economy. It can also be viewed as a measure of basic pay growth. A reading above expectations is bullish for the pound, while a reading below the market consensus is bearish.
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
