The United Kingdom’s ILO Unemployment Rate eased to 4.1% in the three months leading up to July, down slightly from June’s 4.2%, according to data released by the Office for National Statistics (ONS) on Tuesday. This figure was in line with market expectations of 4.1%.
Economic Calendar 10/09/2024 : By DailyFx
The report also highlighted an increase in the number of people claiming jobless benefits, which rose by 23,700 in August. This was a significant drop compared to the revised gain of 102,300 in July and was well below the expected increase of 95,500.
Employment Change data for July showed a substantial rise, with an addition of 265,000 jobs compared to just 24,000 in June, signaling a positive trend in the labor market.
Umemployment Data MoM (Office for National Statistics)
In terms of wages, Average Earnings excluding Bonus rose by 5.1% year-on-year in the three months to July, aligning with market expectations but slightly lower than the 5.4% increase recorded in June. Average Earnings including Bonus grew by 4.0% during the same period, down from 4.6% in the previous quarter, and just below the forecasted 4.1%.
Following the release of the mixed UK employment data, the GBP/USD currency pair saw a slight uptick. As of writing, GBP/USD is trading 0.07% higher on the day, at 1.3080.