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UK unemployment rate holds at 4.9%, GBP/USD slides

July jobless benefit claims fell by 11,000 and wage growth measures came in at 3.5% and 4.1% year over year, slightly above expectations.

Reported · Written up by our desk · Major Pairs

The UK unemployment rate, measured by the ILO and reported for the three months to June, remained at 4.9%, staying unchanged from the prior reading, according to data published by the Office for National Statistics. The print was above the market forecast of 4.8%.

The labor report also showed jobless benefit claims fell by 11,000 in July, compared with a revised decrease of 6.4K in June and an expected 11.2K gain. For wages, average earnings excluding bonus rose 3.5% year over year in June versus 3.4% previously, while the market expected 3.4%.

Average earnings including bonus increased 4.1% year over year in the same period, matching the estimate and up from a 4.4% rise in the quarter through May, which was revised from 4.3%. In response to the data, FXStreet said the British pound came under pressure, with GBP/USD trading 0.15% lower around 1.3524.

Latest closeGBP/USD 1.354 ▲0.3%

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