In June, the UK claimant count changed by -114.8K.
In May, the UK’s jobless rate increased to 4.8 percent.
Wages in the UK, excluding bonuses, increased by 6.6 percent YoY, compared to the 6.6 percent predicted.
The Office for National Statistics (ONS) said on Thursday that the UK’s official unemployment rate increased to 4.8 percent in May, up from 4.7 percent in April and 4.7 percent projected, however the claimant count change decreased dramatically last month.
The number of people receiving unemployment benefits fell by 114.8K in June, compared to -92.6K the previous month. The claimant count rate was 5.8%, down from 6.2 percent the previous year.
In May, the UK’s average weekly earnings, excluding bonuses, were +6.6 percent 3Mo/YoY, compared to +5.7 percent the previous month and +6.6 percent predicted, while the gauge including bonuses was +7.3 percent 3Mo/YoY in March, compared to +5.7 percent the previous month and +7.2 percent expected.
There are 356,000 more salaried employees than there were in May, according to the latest employment estimate.
Headline wage increase has been overstated due to compositional and base effects.
In the United Kingdom, underlying wage growth ranges from 3.2 percent to 4.4 percent.
The rebound in the GBP/USD currency pair has stalled above 1.3850 due to a mixed UK jobs report.
As the spotlight switches to US data and more Fed Chair Powell, the spot was last seen trading at 1.3850, down 0.05 percent on the day.
The Office for National Statistics’ (ONS) UK Average Earnings report is a significant short-term indicator of how pay levels are evolving in the UK economy. In general, high earnings growth indicates a favorable (or bullish) outlook for the GBP, whilst a low reading indicates a negative one (or bearish)./n
