Forex News

UK wage growth climbs to 11-year high, jobless rate steadies

UK wage growth climbs to 11 year high

U.K. unemployment report released on Tuesday showed that wage growth rose to the highest level in 11 years, while the unemployment rate remained unchanged at its record low.

Average earrings including bonuses rose 3.4 percent in the quarter ended May from a year earlier, surpassing forecasts of 3.1 percent and accelerating from a revised of 3.2 percent. Excluding bonuses, pay growth accelerated to 3.6 percent, fastest pace in more than a decade, from a previous of 3.4 percent.

Unemployment rate lingered at 3.8 percent during the same period, the lowest level since January 1975. That came in line with analysts’ projections. Employment increased by 28,000 to a record high of 32.749 million. 

Jobless benefits edged up to 38,000 last month from a revised of 24,500 in May, compared to forecasts of 18,900.

As of 09:03 GMT, the pound traded lower versus the dollar at one-week low of $1.2466, as Brexit concerns seem to be weighing on the pound again. 

Share Article