United Kingdom wage growth lags inflation even as jobless rate hits new low

Latest Figures Show UK Unemployment Has Risen Above 2 Million

Latest Figures Show UK Unemployment Has Risen Above 2 Million

"A lot of the detail in the report suggests the labour market is still tightening", Philip Shaw, an economist with Investec, said.

After rising as high as $1.4377, the pound had fallen 0.1 percent to $1.4332 at 0900 GMT, just below a previous post-Brexit-vote high set in January.

The UK unemployment rate fell by 10 basis points to a fresh 42 year low of 4.2% when markets had anticipated that it would hold steady at 4.3%.

Britons' pay packets grew by 2.8 per cent in the year to February, officially ending a year of real wage falls as salary increases have finally overtaken price rises.

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Sterling has been boosted by expectations that the Bank of England will raise interest rates.

Unemployment in the United Kingdom unexpectedly fell between December and February, according to new data released by the Office for National Statistics on Tuesday. "The unemployment rate fell, too, and is at its lowest since 1975". Despite failing to gain speed in the latest data, the headline total pay growth measure matched its strongest reading since mid-2015.

LONDON - The British pound on Tuesday climbed to its highest level against the dollar since Britain voted to leave the European Union nearly two years ago.

"The pound was the standout performer yesterday and is now the best performing G10 currency versus the USA dollar on a year-to-date basis".

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Investors has said that the recent strong run was down to the United Kingdom raising interest rates, and the looming trade war speared by the US.

Consumer prices rose by 2.7 per cent in the year to February, after peaking at an annual rate of 3.1 per cent in November.

Rate setters predicted at the time that inflation would remain above the 2% target until at least the first quarter of 2021 and that it would average around 2.9% for the first quarter of 2018.

The Office for National Statistics today reported that average weekly earnings for employees in Great Britain increased by 2.8 per cent, both excluding and including bonuses.

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At 1.1585, Sterling remains 13% lower against the Euro than it was on the morning of the Brexit referendum while the Pound-to-Dollar rate is only 1.1% below the 1.45 level it was at before the result became known.

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