UK wages ease slightly in June, jobless rate drop to 4%

The UK wages excluding bonuses rose by 2.7% y/y compared to 2.7% y/y expected.
The UK wages including bonuses rose by 2.4% y/y compared to 2.5% y/y expected.
The UK unemployment rate dropped to a new four-decade low of 4.0% in June.

Dhwani Mehta FXStreet

The Office for National Statistics (ONS) showed on Tuesday, the UK’s average weekly earnings, excluding bonuses matched expectations, arriving at 2.7% 3m y/y versus 2.8% (revised higher from 2.7%) last while the gauge including bonuses ticked lower to 2.4% 3m y/y versus 2.5% previous and 2.5% expected.

The Kingdom’s official jobless rate dropped to 4.0% in June, while the claimant count change showed a bigger-than-expected increase.

The number of people claiming jobless benefits rose by 6.2k in July, against expectations of a 3.8k increase and +9.0k (revised from +7.8k) seen previously. The claimant count rate steadied at 2.5%.

“Latest estimates show that average weekly earnings for employees in Great Britain in real terms (that is, adjusted for price inflation) increased by 0.4% excluding bonuses, and by 0.1% including bonuses, compared with a year earlier," the Office for National Statistics said in the report.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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