- The UK wages excluding bonuses rose by 2.8% y/y compared to 2.9% y/y expected.
- The UK wages including bonuses rose by 2.5% y/y compared to 2.5% y/y expected.
- The UK unemployment rate remained unchanged at the four-decade low of 4.2% in May.
With the claimant count falling -7.7K in May beating the market expectations of 11.3K expected, the unemployment rate remained unchanged at 4.2% in May. The average weekly earnings rose 2.8% over the year in three months ending in April excluding bonuses while rising 2.5% over the year including bonuses. The UK labor market report was pretty much in line with market expectations.
“Latest estimates show that average weekly earnings for employees in Great Britain in real terms (that is, adjusted for price inflation) increased by 0.4% excluding bonuses, and by 0.1% including bonuses, compared with a year earlier,” the Office for National Statistics said in the report.
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