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UK wage growth continues growing at the fastest in decade

UK wage growth continues

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.

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