- The UK unemployment rate stabilized at 3.8% in May.
- The UK jobless claimant count fell by -20,000 in June.
- UK wages excluding bonuses rose 4.3% year-on-year in May, versus 4.3% expected.
The Office for National Statistics (ONS) has shown on Tuesday that UK official jobless rate stood at 3.8% in May, vs. 3.8% previously and 3.8% expectedwhile the change in the applicant count showed a drop last month.
The number of people applying for unemployment benefits fell by 20,000 in Junecompared to -34,700 seen the previous month.
UK average weekly earnings excluding bonuses were up +4.3% yoy in the three months to May vs. +4.2% prior and +4.3% expected, while the indicator that includes bonuses reached +6.2% in the three months to May vs. +6.8% prior and +6.9% expected.
Key Points (via ONS)
The preliminary estimate for UK employment shows an increase of 31 employees compared to May.
UK real total wages, using the CPI measure of inflation, fell 0.9% year-on-year in the three months to May.
UK real wages, using the CPI measure of inflation, fell 2.8% year-on-year in the three months to May.
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.
