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UK wage growth decelerates to 3.8%, unemployment rises

UK wage growth decelerates, unemployment rises

U.K. unemployment report released on Tuesday showed that wage growth decelerated, while the unemployment rate rose from record low.  

Average earrings including bonuses rose 3.8 percent in the quarter ended August from a year earlier, missing forecasts of 4.0 percent and decelerating from a revised of 3.9 percent. Excluding bonuses, pay growth slowed to 3.8 percent year-on-year from 3.9 percent.

Unemployment rate surged to 3.9 percent during the same period, rising from 3.8, which was the lowest level since January 1975. That came above both prior and analysts’ projections of 3.8 percent.

The number of people out of work climbed 22,000 to 1.31 million, while employment decreased by 56,000 to 32.69 million. 

Jobless benefits edged up to 21,100 last month from a revised of 16,300 in August, compared to forecasts of 21,300 soar.

As of 08:55 GMT, the pound traded higher versus the dollar at 1.2671, hovering near its highest level in three months hit on Friday at 1.2706.

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