UK unemployment rate rose to 3.9% in the three months to June, up from 3.8%, above expectation of 3.8%. Unemployment rate came in at 4.1% for men and 3.6% for women, the latter being joint lowest since comparable records began in 1971. For the same period, an estimated 1.33m people were unemployment, 33k fewer than a year ago.
On wage growth, estimated annual growth in average weekly earnings for employees increased to 3.7% yoy for total pay (including bonuses), matched expectation and up from May’s 3.5% yoy. Excluding bonuses, weekly earnings rose 3.9% yoy, up from 3.6% yoy and beat expectation of 3.8% yoy.