According to the latest data published by the Office for National Statistics (ONS) on Tuesday, the United Kingdom's (UK) ILO Unemployment Rate inched lower to 3.8% in the quarter to April from the 3.9% recorded in the three months to March, beating the market consensus of a 4.0% print.
The Claimant Count Change also showed a bigger-than-expected decline. The number of people claiming jobless benefits dropped by 13.6K in May, compared with the expected decrease of 9.6K. The Claimant Count Change unexpectedly jumped by 23.4K (an upward revision from 46.7K) in the previous month.
The UK's average weekly earnings, excluding bonuses, arrived at 7.2% 3Mo/YoY in April versus 6.8% prior and 6.9% expected. The gauge including bonuses came in at 6.5% 3Mo/YoY in the fourth month of the year versus 6.1% previous and 6.1% expected.
It's worth noting that the April data includes the impact of a 9.7% rise in the minimum wage and, therefore, will be closely analyzed by the Bank of England (BoE) as it stays committed to tame inflation.
Source : FXstreet
