Despite the rising unemployment, the UK wage growth registered its strongest growth on record in the three months to July adding pressure on the Bank of England to hike the interest rate further at its upcoming meeting this month.
The unemployment rate rose to 4.3 percent in the three months to July from 4.2 percent in the preceding period, the Office for National Statistics reported Tuesday. The rate came in line with expectations.
Regarding the wage growth, data showed that average earnings excluding bonuses grew the most since records began in 2001. Regular pay rose 7.8 percent annually in the May to July period, in line with expectations.
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by Renju Jaya
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