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U.K. jobless rate holds at 10-year low, average beat forecasts

Published 03/16/2016, 05:31 AM
U.K. unemployment rate holds steady at 5.1%; average earnings increase more than expected
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Investing.com - The jobless rate in the U.K. held steady at a decade-low in January, while the average earnings index increased more than expected, official data showed on Wednesday.

The Office for National Statistics said that the rate of unemployment held at 5.1% in the three months to January, in line with expectations.

The claimant count fell by a seasonally adjusted 18,000 in February, compared to expectations for a decrease of 9,100 people, and following a drop of 28.400 a month earlier, whose figure was revised from a previously reported decline of 14,800.

Meanwhile, the average earnings index, including bonuses, rose by a seasonally adjusted 2.1% in the three months January, above forecasts for a 2.0% increase and after increasing by 1.9% in the three months to December.

Excluding bonuses, wages rose by 2.2%, above expectations for 2.1% and following a 1.9% increase in the three months to December.

Meanwhile, European stock markets were broadly higher. London’s FTSE 100 rose 0.30%, the EURO STOXX 50 traded up 0.55%, France's CAC 40 advanced 0.51%, while Germany's DAX rallied 0.83%.

The Bank of England will digest the data before making its policy decision on Thursday. Markets expect the British central bank to keep its benchmark interest rate at a record-low 0.5% for now.

GBP/USD traded at 1.4120 from around 1.4127 ahead of the release of the data, while EUR/GBP was at 0.7853 from 0.7851 earlier.

Meanwhile, European stock markets were broadly higher. London’s FTSE 100 rose 0.30%, the EURO STOXX 50 traded up 0.55%, France's CAC 40 advanced 0.51%, while Germany's DAX rallied 0.83%.

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