UK wage growth accelerates, with unemployment rate steady at 5.5%

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Wednesday, Jun 17 2015

The number of people claiming unemployment related benefits has fallen for 31 consecutive months and it is down 6,500 from April 2015 (the smallest monthly fall since February 2013). Analysts were anticipating fall by 12,500. It is also down 290,900 from a year earlier, but 13,400 higher than the pre-downturn trough of 778,400 for February 2008.

Unemployment rate remained unchanged at 5.5% in line with market forecasts. Also, between February to April 2014 and February to April 2015 regular pay for employees in Great Britain increased by 2.7%, the highest annual growth rate since the three months to February 2009. Total pay for employees in Great Britain increased by 2.7%. The last time the annual growth rate was as high as 2.7% was for June to August 2011.

After the data Sterling was pushed higher and is currently being traded few points above 1.5720 level. Pair is likely to find support around 1.5650 area and resistance around 1.5780 level. Later today, in the US session, we can expect more volatility with FOMC interest rate decision and following statement being released.

More in this category: « Aussie lower in an uneventful morning part of the session BoE members unanimous in leaving interest rates unchanged »

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