UK jobless claims rise more than expected in June

Unemployment claims in the UK rose more than forecast in June, reflecting ongoing weakness in the labor market. According to the Office for National Statistics (ONS), the claimant count increased by 25,900, above the 17,900 expected by analysts. This follows a revised increase of 15,300 in May, previously reported as +33,100.

The unemployment rate rose slightly to 4.7% in May, up from 4.6% in April, and slightly above market expectations.

In the three months to May, employment rose by 134,000, accelerating from the 89,000 gain recorded in the previous period.

Meanwhile, average wage growth (excluding bonuses) slowed to 5.0% in May, down from 5.3% in April but above the 4.9% consensus forecast. Including bonuses, wages increased 5.0%, matching expectations but below the 5.4% growth seen the previous month (revised up from 5.3%).