UK Unemployment Rate Falls

The UK unemployment rate decreased in three months to July and the employment rate rose quarterly, data published by the Office for National Statistics showed on Tuesday.

The unemployment rate dropped 0.3 percentage points from the previous quarter to 4.6 percent in three months to July. The rate came in line with economists' expectations.

At the same time, the employment rate rose 0.5 percentage points to 75.2 percent.

Average earnings including bonus grew 8.3 percent on a yearly basis and regular pay that excludes bonuses advanced 6.8 percent in May to July period.

The ONS said since this growth is affected by base and compositional effects, interpretation should be taken with caution.

Further, data showed that the claimant count decreased by 58,600 in August from the previous month. The claimant count rate came in at seasonally adjusted 5.4 percent versus 5.6 percent in July.

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