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UK unemployment rate fell to 5%

Wednesday, Jun 15 2016
The UK unemployment rate has fallen to 5%, the lowest since October 2005, according to official figures. The unemployment total fell to 1.67 million in the February-to-April period, down 20,000 from the previous quarter, the Office for National Statistics (ONS) said. The number of people in work rose by 55,000, with the employment rate remaining at a record high of 74.2%. Earnings, excluding bonuses, rose by 2.3% compared with last year. The rise was bigger than analysts had expected, and pay growth in April itself was 2.5%, which the ONS said was partly due to the introduction of the National Living Wage.
The introduction of the new, compulsory National Living Wage of £7.20 an hour for workers aged 25 and above affected 1.8 million workers. Earnings including bonuses were 2% higher from year earlier, the ONS said. The number of people out of work and claiming benefits fell by just 400 in May to 746,100, although April's figure was revised higher by 6,400 as information about those claiming out-of-work benefit under the new system of Universal Credit came in.
 
Sterling is currently being traded few points above 1.4180 level. Pair is likely to find support around 1.41 handle and resistance above 1.42 level. Later today, in the US session, PPI, Empire State Manufacturing and Industrial Production figures are scheduled for a release as well as Fed interest rate decision.
Last modified on Wednesday, 15 June 2016
More in this category: « US Retail Sales up more than forecasted Eurozone Trade Balance recorded a €27.5 bn surplus »

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