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- UK unemployment rate reached the lowest level since late 2008
UK unemployment rate reached the lowest level since late 2008
The Office for National Statistics (ONS) in the UK released the labour market data on Wednesday. The unemployment rate declined to 6.4% in in the three months to June, in line with expectations, down from 6.5% a month earlier. That was the lowest level since late 2008.
The claimant count declined by 33,600 people in July, exceeding expectations for a fall of 29,700, after a decrease of 39,500 people in June. June's figure was revised up from a decrease of 36,300.
The ONS said that the number of unemployed fell by 132,000 to 2.08 million people.
But average weekly earnings remained weak. The average earnings index, including bonuses, dropped by 0.2% in the three months to June, missing expectations for a 0.1% decrease, after a 0.4% rise in the three months to May. The last month's figure was revised up from a 0.3% gain. That was first negative average earnings index since March-May 2009.
The average earnings index, excluding bonuses, increased by 0.6% in the three months to June, after a 0.7% rise in the three months to May.
The weak average earnings index may mean that the Bank of England will delay interest rate hike.
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