FX & CFD trading involves significant risk
The Office for National Statistics (ONS) released its labour market data on Wednesday. The U.K. unemployment rate rose 5.6% in the March to May quarter from 5.5% in three months to February. It was the first increase in two years.
Analysts had expected the unemployment rate to remain unchanged at 5.5%.
The claimant count increased by 7,000 people in June, missing expectations for a drop by 8,800, after a decrease of 1,100 people in May. May's figure was revised down from a decline of 6,500.
Average weekly earnings, excluding bonuses, climbed by 2.8% in the March to May quarter, missing expectations for a rise by 3.0%, after a 2.7% gain in the December to February quarter. It was the highest gain in more than six years.
The previous three months' figure was revised up from a 2.2% increase.
Average weekly earnings, including bonuses, rose by 3.2% in the March to May quarter, missing expectations for a gain of 3.3%, after a 2.7% increase in the December to February quarter. It was the highest rise since June to April 2010.
The Bank of England monitors closely the wages growth it considers when to start hiking its interest rate.
All posted material is a marketing communication solely for informational purposes and reliance on this may lead to loss. Past performance is not a reliable indicator of future results. Please read our full disclaimer.