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UK Unemployment Rate Unexpectedly Drops While Wage Inflation Misses

Economic IndicatorsSep 13, 2017 04:32AM ET
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Investing.com - The jobless rate in the UK unexpectedly fell in July while wage inflation registered a weaker-than-expected increase, official data showed on Wednesday.

The Office for National Statistics said that the rate of unemployment unexpectedly dropped to 4.3% in July, from the previous month’s reading of 4.4%. That was its lowest level since 1975.

Analysts had expected no change to the jobless rate.

The claimant count decreased by a seasonally adjusted 2,800 in August, beating expectations for a gain of 600 people and following a decline of 2,900 a month earlier, whose figure was revised from a previously reported drop of 4,200.

Meanwhile, the average earnings index, including bonuses, rose by a seasonally adjusted 2.1% in the three months to July, missing forecasts for a 2.3% rise and compared to the previous month’s gain which was also 2.1%.

Excluding bonuses, wages rose by 2.1% in the three months to July, compared to expectations for a 2.2% gain and the prior month’s 2.1% increase.

Following the report, GBP/USD traded at 1.3275 from around 1.3297 ahead of the release of the data, EUR/GBP was at 0.9025 from 0.9013 earlier, while GBP/JPY exchanged hands at 146.02 compared to 146.19 previously.

Meanwhile, European stock markets showed mixed trade. London’s FTSE 100 fell 0.61%, the benchmark Euro Stoxx 50 edged forward 0.07%, France's CAC 40 dropped 0.04%, while Germany's DAX slipped 0.01%.

UK Unemployment Rate Unexpectedly Drops While Wage Inflation Misses

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