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UK jobs report: Unemployment benefits continue to rise

UK jobs report: Unemployment benefits continue to rise

Today, the British economy released its jobs report, which showed that the number of people registered in the salaries of British companies decreased by more than 600 thousand people in April and May, with the adoption of closures and restrictions to limit the spread of the Coronavirus, and job vacancies decreased by the largest amount ever.

Unemployment benefit applications for the month of May increased to 528.9 thousand after the previous reading was modified to 1032.7 thousand applications. Analysts had predicted an increase of 405.3 thousand applications.

The unemployment rate unexpectedly stabilized at 3.9% in the three months to April - despite a record drop in overall economic output during that period - as companies switched to the government's job-retraining plan.

The average wage index that includes bonuses increased by 1% in April, which is the weakest level since September of 2014 from a previous rise of 2.3%, while the index that does not include bonuses increased by 1.7%, which is the weakest reading of the index since January 2015, from the previous reading by 2.7%.

The pound rose for a second day in a row and recorded its highest level in three sessions against the dollar at 1.2686 after opening today's trading at 1.2600.

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