UK jobs solid: A positive surprise across all indicators

The Office for National Statistics noted on Wednesday, the UK’s official jobless rate ticked lower to 4.4% in June, while the claimant count unexpectedly dropped last month.

The number of people claiming jobless benefits dropped by -4.2k in July, against expectations of a 3.7k increase and 6.0k seen previously. The claimant count rate held steady at 2.3%.

Wage growth, excluding bonuses bettered expectations, arriving at 2.1% versus 2.0% last, while the gauge including bonuses also surprised positively, coming in at 2.1% 3m y/y versus 1.9% (revised higher) last.