GBP/USD uninspired by rise in UK wages, as jobless rate ticks higher

13 Aug 2019

  • The UK wages excluding bonuses rose by 3.9%y/y compared to 3.8% y/y expected.
  • The UK wages including bonuses rose by 3.7% y/y compared to 3.7% y/y expected.
  • The UK unemployment rate rises to 3.9% in June.

The Office for National Statistics (ONS) showed on Tuesday, the UK’s average weekly earnings, excluding bonuses arrived at 3.9% 3m y/y in June versus 3.6% last and 3.8% expected while the gauge including bonuses came in at 3.7% 3m y/y in June versus 3.5% previous and 3.7% expected.

The Kingdom’s official jobless rate ticked higher to 3.9% in June, while the claimant count change showed a smaller-than-expected increase.

The number of people claiming jobless benefits rose by 28k in July, against expectations of a 32k increase and +31.4k (revised from +38k) seen previously. The claimant count rate steadied at 3.2%.

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