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U.K. jobless claims higher, but wage growth accelerates

Published 09/16/2015, 04:37 AM
© Reuters.  U.K. jobless claims increase, but salary growth accelerates
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Investing.com - The number of people claiming unemployment benefits in the U.K. rose unexpectedly in August, but salary growth accelerated according to official data on Wednesday.

The Office for National Statistics said that the claimant count rose by a seasonally adjusted 1,200 last month, compared to expectations for a decline of 5,000.

July’s figure was revised to a decline of 6,800 people from a previously reported fall of 4,900.

Average earnings, including bonuses rose by 2.9% in the three months to July from a year earlier after a 2.6% increase in July, ahead of forecasts of 2.5%.

Excluding bonuses, average earnings also increased by 2.9%, in line with forecasts. It was the strongest rate of growth since 2009.

The report also showed that the rate of unemployment ticked down to 5.6% in the three months to July, better than forecasts for 5.6%.

GBP/USD was trading at 1.5392 from around 1.5345 ahead of the release of the data, while EUR/GBP was at 0.7309 from 0.7341 earlier.

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