UK wages rise by 3.6% 3m y/y in May, beat estimates (GBP/USD uninspired)

The UK wages excluding bonuses rose by 3.6 y/y compared to 3.5% y/y expected.
The UK wages including bonuses rose by 3.4% y/y compared to 3.1% y/y expected.
The UK unemployment rate steadies at 3.8% in May.

Dhwani Mehta FXStreet

The Office for National Statistics (ONS) showed on Tuesday, the UK’s average weekly earnings, excluding bonuses bettered expectations, arriving at 3.6% 3m y/y in May versus 3.4% last and 3.5% expected while the gauge including bonuses came in at 3.4% 3m y/y in May versus 3.2% previous and 3.1% expected.

The Kingdom’s official jobless rate steadied at 3.8% in May, while the claimant count change showed a much bigger-than-expected increase.

The number of people claiming jobless benefits rose by 38k in June, against expectations of a 22.8k increase and +24.5k (revised from +23.2k) seen previously. The claimant count rate edged higher to 3.2%.

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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