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The UK unemployment rate was steady in June, while wage growth figures came in slightly ahead of expectations, but continued to lag red-hot inflation, figures on Tuesday showed.
The UK unemployment rate was 3.8% in the three months to June, unchanged from the three months to May, according to the Office for National Statistics. A year earlier, the unemployment rate had sat at 4.7%.
The latest figure was in line with FXStreet-cited consensus.
Wage growth figures, meanwhile, came in above expectations. Regular pay, so excluding bonuses, was 4.7% higher annually in the three months to June. The figure topped FXStreet cited consensus of 4.5% growth.
Including bonuses, wage growth was 5.1% year-on-year, beating a forecast of 4.5% growth.
That means UK earnings by both measures continue to lag consumer price inflation, which ran at an annual rate of 9.4% in June.
‘In real terms (adjusted for inflation), over the year, total pay fell by 2.5% and regular pay fell by a record 3.0%,’ the ONS added.
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