U.K. unemployment report released on Tuesday showed that wage growth continued to grow at the fastest pace in a decade in the quarter through February.
Average earrings including bonuses rose 3.5 percent in the quarter ended February from a year earlier, similar to both forecasts and the prior revised reading. Excluding bonuses, pay growth decelerated to 3.4 percent from a previous of 3.5 percent.
Unemployment rate lingered at 3.9 percent during the same period, the lowest level since 1975. That came in line with analysts’ projections. Employment rate climbed to a new record high of 76.1 percent, up from 75.4 percent a year ago.
Jobless benefits edged up to 28,300 last month from a revised of 26,700 in February, compared to forecasts of 17,300.
As of 09:10 GMT, the pound traded lower for versus the dollar at $1.3085,
compared to the session’s open at $1.3097.