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UK Unemployment Rate Holds at 4.0%, Wage Inflation Picks Up

- The UK unemployment rate held steady as expected in July, while wage inflation picked up, according to official data released Wednesday.

The unemployment rate held as expected at 4.0% in July.

The number of people in employment in the UK rose 3,000 in the three months to August, compared to the 27,000 expected.

The claimant count, which measures the change in the number of people claiming unemployment benefits rose 8,700 in August from 10,200 in the three months to July.

July’s data was revised from an initial reading of 6,200.

Economists had forecast an increase to 10,000.

Average earnings, excluding bonuses, rose by an annual 2.9% in the three months to July, above expectations for a 2.8% and faster than the 2.7% seen in the previous month.

Including bonuses, pay growth rose by an annual 2.6%.

Analysts had expected the reading to hold steady at June’s 2.4% gain.

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