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UK wage growth accelerates to 4%, unemployment falls

UK wage growth accelerates, unemployment falls

U.K. unemployment report released on Tuesday showed that wage growth accelerated, while the unemployment rate hit to a new record low.

Average earrings including bonuses rose 4.0 percent in the quarter ended July from a year earlier, surpassing forecasts of 3.7 percent and accelerating from a revised of 3.8 percent. Excluding bonuses, pay growth soared 3.8 percent year-on-year, similar to the previous reading.

Unemployment rate fell to 3.8 percent during the same period, the lowest level since January 1975. That came above both prior and analysts’ projections of 3.9 percent. Employment increased by 31,000 to a record high of 32.78 million. 

Jobless benefits edged up to 28,200 last month from a revised of 19,800 in August, compared to forecasts of 29,300.

As of 08:44 GMT, the pound traded lower versus the dollar at 1.2332, but recovered after hitting a low of 1.2306.

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