UK wages rise by 2.5% y/y, in line with expectations

   •  The UK average earnings excluding bonuses rose by 2.7% y/y compared to 2.7% expected.
   •  The UK wages including bonuses rose by 2.5% y/y compared to 2.5% y/y expected.
   •  The UK unemployment rate remained unchanged at the four-decade low of 4.2%.

The Office for National Statistics (ONS) released the latest UK monthly employment details this Tuesday and the report showed that claimant count rose by 7.8K in June, falling short of market expectations anticipating a drop of 2.1K. Conversely, the unemployment rate remained unchanged at 4.2% over the three months to May. 

The average weekly earnings, excluding bonuses, rose 2.7% over the three months ending in May and climbed 2.5% over the year including bonuses. The wages were pretty much in line with market expectations, albeit did little to provide any meaningful boost to the British Pound.