GBP/USD hovers around 1.3850 after UK jobless rate disappoints with 4.8% in May

• UK claimant count change arrived at -114.8K in June.
• The unemployment rate in the UK rose to 4.8% in May.
• The UK wages excluding bonuses rose by 6.6% YoY vs. 6.6% expected.

The Office for National Statistics (ONS) showed on Thursday, the UK’s official jobless rate rose to 4.8% in May vs. the previous 4.7% and 4.7% expected while the claimant count change showed a massive drop last month.

The number of people claiming jobless benefits showed a sharp drop of 114.8K in June when compared to -92.6K seen previously. The claimant count rate came in at 5.8% vs. 6.2% last.

The UK’s average weekly Earnings, excluding bonuses, arrived at +6.6% 3Mo/YoY in May versus +5.7% last and +6.6% expected while the gauge including bonuses came in at +7.3% 3Mo/YoY in March versus +5.7% previous and +7.2% expected.

more to come ....