UK Unemployment Holds Steady at 4.9%, GBP/USD Takes a Hit

The UK's unemployment rate remained steady at 4.9% in the three months to June, exceeding market expectations of 4.8%, according to data released by the Office for National Statistics (ONS).

The number of people claiming jobless benefits fell by 11K in July, compared with a revised decrease of 6.4K in June and an expected gain of 11.2K.

Average Earnings, excluding Bonus, ticked up by 3.5% year-over-year (YoY) in June versus a 3.4% growth booked previously, while Average Earnings, including Bonus, rose by 4.1% in the same period after increasing by 4.4% in May.

The British Pound (GBP) reacted to the report with some selling pressure, trading 0.15% lower on the day against the US Dollar at 1.3524.