Britain's unemployment rate lowest since 2009

The number of people seeking unemployment benefits in the U.K. fell more than expected in June, pushing the nation's jobless rate to the lowest level since January 2009, although the pay growth was weaker than expected. Following the data release the Sterling lost as much as 0.3% versus the U.S. Dollar to trade at 1.7122, down from 1.7144, the level seen before the data came out. The Office for National Statistics said the U.K. unemployment rate dropped to 6.5% of workforce between March and May, down from 6.9% seen in December to February period and compared to 7.8%, the level recorded in the same period last year. During March to May, there were 2.12 million unemployed, 121,000 fewer than from December to February. The number of people in work, however, rose 254,000 from February to 30.64 million, the highest on record, with more than 78% of men and 68% of women being in work, giving an employment rate of 73.1%. The number of people claiming jobseeker's allowance last month declined 36,300 to 1.04 million, the ONS said. 

Separately, the latest data show that wage rises including bonuses are at their lowest level since 2009, while excluding bonuses average wage gains are at their lowest since 2001. Average wages in March to May including bonuses were 0.3% higher than a year ago, when average wage rises excluding bonuses rose 0.7%.