UK ILO Unemployment Rate holds steady at 3.8% in June, matches estimates
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- The Unemployment Rate in the UK steadied at 3.8% in May.
- UK Claimant Count Change arrived at -10.533K in July.
- The UK wages excluding bonuses rose by 4.7% YoY in June vs. 4.5% expected.
The Office for National Statistics (ONS) showed on Tuesday, the UK’s official jobless rate stood unchanged at 3.8% in June vs. 3.8% expected while the claimant count change showed a less than expected drop last month.
The number of people claiming jobless benefits dropped by 10.533K in July when compared to -20K booked previously and -32K expectations.
The UK’s average weekly earnings, excluding bonuses, arrived at +4.7% 3Mo/YoY in June versus +4.3% last and +4.5% expected while the gauge including bonuses came in at +5.1% 3Mo/YoY in June versus +6.2% previous and +4.5% expected.
GBP/USD shrugs off the mixed UK employment data, as it holds steady at 1.2050, as of writing.
The UK Average Earnings released by the Office for National Statistics (ONS) is a key short-term indicator of how levels of pay are changing within the UK economy. Generally speaking, the positive earnings growth anticipates positive (or bullish) for the GBP, whereas a low reading is seen as negative (or bearish).
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