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The UK unemployment rate rose in the three months to February, numbers on Tuesday showed, while year-on-year growth in average earnings topped expectations.
According to the Office for National Statistics, the UK jobless rate picked up to 4.2% in the three months to February from 4.0% in the three months to January. January’s three-month reading was upwardly revised slightly from 3.9%.
According to market consensus cited by FXStreet, a jobless rate of 4.0% was expected for the period to February.
The ONS noted average growth in regular earnings, so excluding bonuses, cooled slightly to 6.0% in the three months to February from 6.1% in the same period to January.
Including bonuses, average earnings rose 5.6%, in line with the growth seen in the three months to January, and above consensus of a 5.5% climb.
Growth in bonus-included real pay, so factoring in inflation, picked up to 1.6% in the three months to February from 1.5% in the period to January.
Numbers in March had showed annual UK consumer price inflation cooled to 3.4% in February, from 4.0% in January.
A UK inflation reading on Wednesday is expected to show the rate of inflation eased further to 3.1% last month, according to FXStreet.
The next Bank of England decision is on May 9.
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