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Sterling edges up after UK unemployment rate holds at 4.9% in May

The UK report also showed claims for jobless benefits rose by 6.7K in June and wage growth missed most expectations.

Reported · Written up by our desk · Major Pairs

The UK ILO unemployment rate held steady at 4.9% in the three months to May, matching the prior reading, according to data published by the Office for National Statistics on Tuesday. The figure came in below the 5.0% expected by markets.

Additional labor details showed the number of people claiming jobless benefits increased by 6.7K in June, after a revised 1.3K increase in May, while employment change was 147K in May versus 100K in April. On wages, average earnings excluding bonus rose 3.4% three months year over year in May, in line with the prior reading, while average earnings including bonus increased 4.3% after 4.4% in the quarter through April, also missing the 4.5% estimate.

FXStreet said the British pound edged slightly higher in early trading following the employment report, with the GBP/USD pair up 0.14% to trade at 1.3450. The outlet noted that labor market conditions and wage growth are key inputs for assessing economic strength and for central banks when setting monetary policy.

Latest closeGBP/USD 1.348 ▼0.5%

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