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UK wage growth stronger than forecast, jobless rate steadies

UK wage growth stronger than forecast

U.K. unemployment report released on Tuesday showed that wage growth rose more than forecast while the unemployment rate steadied at its record low in the quarter through April.  

Average earrings including bonuses rose 3.1 percent in the quarter ended April from a year earlier, surpassing forecasts of 2.9 percent, yet retreated from a previous of 3.2 percent. Excluding bonuses, pay growth accelerated to 3.4 percent from a previous of 3.3 percent.

Unemployment rate lingered at 3.8 percent during the same period, the lowest level in nearly 44 years. That came in line with analysts’ projections. Employment increased by 32,000 to a record high of 32.75 million

Jobless benefits edged up to 23,200 last month from a revised of 19,100 in April, compared to forecasts of 12,300.

As of 09:10 GMT, the pound strengthened versus the dollar to $1.2723, compared to the session’s open at $1.2684.

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