Seeking Alpha

Six-year low for U.K. unemployment

  • The U.K.'s unemployment rate fell to 6.4% in Q2, the lowest since late 2008 and down from 6.5% in May, says the Office for National Statistics.
  • Average wages excluding bonuses rose by 0.6% in the year to June, the slowest rise since records began in 2001. Including bonuses, wages fell 0.2%, the first fall since 2009.
  • Wage growth is "remarkably weak" and there is enough slack in the economy to keep the benchmark rate at a record-low 0.5 percent for now, says Governor Mark Carney. With inflation accelerating to 1.9% in June, real wages for many Britons are continuing to decline.
  • The pound is -0.6% at $1.6716, while the FTSE is +0.1%.
  • ETFs: FXB, EWU, GBB, FKU, EWUS, DXPS, DBUK
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