UK Unemployment Rate steadies at 4.9% in May vs. 5.0% expected
The United Kingdom’s (UK) ILO Unemployment Rate remained steady at 4.9% in the three months to May after reporting 4.9% in the previous reading, data published by the Office for National Statistics (ONS) showed on Tuesday. The data came in below the market consensus of 5.0%.
Additional details of the report showed that the number of people claiming jobless benefits rose by 6.7K in June, compared with a revised increase of 1.3K in May and the expected 28.3K gain.
The Employment Change data came in at 147K in May against 100K recorded in April.
Meanwhile, Average Earnings, excluding Bonus, in the UK ticked up by 3.4% three months year-over-year (3M YoY) in May versus a 3.4% growth booked previously. The market expectation was for a 3.4% print.
Another measure of wage inflation, Average Earnings, including Bonus, climbed by 4.3% in the same period after increasing by 4.4% in the quarter through April. The data missed the estimate of 4.5%.
GBP/USD reaction to the UK employment report
The British Pound (GBP) edges slightly higher in an immediate reaction to the UK employment report. At the time of writing, the GBP/USD pair is trading 0.14% higher on the day to trade at 1.3450.
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