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British jobless rate heads south to new 43-year minimum
For the three months to June, UK unemployment rate slipped suddenly to a fresh 43-year minimum, while productivity tacked on. However, there was little upside for most employees because pay surge speeded down to its weakest value for nine months.
Besides this, the figures also disclosed the steepest annual dip in the number of EU staff members in the United Kingdom since 1997, proceeding with a trend observed since the 2016 Brexit vote.
Eventually, the figures illustrated a familiar picture of tightness in the UK labor market, with record high job vacancies unable to translate into firm wage surge.
Britain’s key financial institution had its interest rates raised for the second time since the financial meltdown earlier this month.
Aside from that, Tuesday's data also revealed that productivity in Great Britain inched up at its fastest annual rate since late 2016, while the number of employees whose key job was an insecure zero-hours contract slipped by the most since 2000, as the Office for National Statistics informed.
In the April-June period, the unemployment rate headed south to 4%, which is the lowest result since the three months to February of 1975, surpassing experts’ estimates for it to stay intact at a previous minimum of 4.2%.
The sag occurred notwithstanding a smaller-than-anticipated number of jobs generated over the three-month period, and of about 42,000 less than half the average estimate by experts in a Reuters survey.
Total annual wage surge speeded down to a nine-month minimum of 2.4%, which is below estimates for it to stay intact at 2.5%.
Without bonuses, pay surge was intact at 2.7%, which is below the 4% rate typical before the financial meltdown ten years ago.
In the April-June period, output per hour worked tacked on by about 1.5% year-on-year. It turns out to be the most impressive jump since late 2016 after this year’s 0.9% leap in the first quarter.
The Bank of England will hold a meeting on Thursday at 14:00 MT time (GMT+3).
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