UK unemployment rate unexpectedly dropped to 4.7% in June

  • The number of applicants in the UK increased to -7.8,000 in July.
  • The unemployment rate in Britain fell to 4.7 percent in June.
  • UK wages excluding bonuses grew 7.4% y/y. 7.4% expected.

The Office for National Statistics (ONS) showed on Tuesday that the UK’s official unemployment rate positively stunned markets, rising to 4.7 per cent in June. The last 4.8% and 4.8% are expected, while there has been a slight decline in the number of applicants in the last month.

The number of people claiming unemployment benefits declined by 7.8,000 in July, compared to the 114.8 million recorded earlier. The quota of applicants was 5.7% as compared to 5.7% in the previous month.

UK’s average weekly earnings excluding bonuses was 7.4% (3Mo/JoY) in June, compared to +6.6% in the previous month and expected +7.4%, while value including bonuses was 8.8% (3Mo/JoY) + 7.3 in June . % and +8.7% expected in the last month.

Important Points (via ONS)

The number of job vacancies in the UK rose by more than a million for the first time in July.

UK output per hour worked in the second quarter was up 0.6% from pre-pandemic levels.

UK Q2 Production per hour worked -0.5% QoQ.

GBP/USD Feedback

GBP/USD halted a rally above 1.3800 despite a positive UK employment report.

It recently traded at 1.3820, a 0.21% daily loss as focus shifted to US retail sales and Fed Chairman Powell’s speech.

About UK jobs

The UK average earnings, published by the Office for National Statistics (ONS), is a leading short-term indicator of the performance of wage levels in the UK economy. In general, positive earnings growth for the GBP is considered positive (or bullish), while a low value is considered negative (or bearish).

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About the Author: Forrest Morton

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