UK wages rise above/below expectations

• The UK wages excluding bonuses rose by 2.8% y/y  compared to 2.9% y/y expected.
• The UK wages including bonuses rose by 2.5% y/y  compared to 2.5% y/y expected.
• The UK unemployment rate remained unchanged at the four-decade low of 4.2% in May.

With the claimant count falling -7.7K in May beating the market expectations of 11.3K expected, the unemployment rate remained unchanged at 4.2% in May. The average weekly earnings rose 2.8% over the year in three months ending in April excluding bonuses while rising 2.5% over the year including bonuses. The UK labor market report was pretty much in line with market expectations.