UK ILO Unemployment Rate steadies at 3.8% in May, meets estimates

• The Unemployment Rate in the UK steadied at 3.8% in May.
• UK Claimant Count Change arrived at -20K in June.
• The UK wages excluding bonuses rose by 4.3% YoY in May vs. 4.3% expected.

The Office for National Statistics (ONS) showed on Tuesday, the UK’s official jobless rate stood at 3.8% in May vs. the previous 3.8% and 3.8% expected while the claimant count change showed a drop last month.

The number of people claiming jobless benefits fell by 20K in June when compared to -34.7K booked previously.

The UK’s average weekly earnings, excluding bonuses, arrived at +4.3% 3Mo/YoY in May versus +4.2% last and +4.3% expected while the gauge including bonuses came in at +6.2% 3Mo/YoY in May versus +6.8% previous and +6.9% expected.

Key points (via ONS)

GBP/USD reaction

GBP/USD is unfazed by the mixed UK employment data. The spot was last seen trading at 1.1965, up 0.11% on the day.

About UK jobs

The UK Average Earnings released by the Office for National Statistics (ONS) is a key short-term indicator of how levels of pay are changing within the UK economy. Generally speaking, the positive earnings growth anticipates positive (or bullish) for the GBP, whereas a low reading is seen as negative (or bearish).