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U.K. jobless claims fall by 33,600; Unemployment rate dips to 6.4%

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Investing.com -

Investing.com - The number of people claiming unemployment benefits in the U.K. declined more-than-expected in July, while the country's jobless rate fell to the lowest level since December 2008, official data showed on Wednesday.

In a report, the U.K. Office for National Statistics said that the claimant count fell by a seasonally adjusted 33,600 last month, compared to expectations for a decline of 30,000 people. June's figure was revised to a drop of 39,500 people from a previously reported decline of 36,300.

The report also showed that the rate of unemployment declined to 6.4% in the three months to June, in line with expectations and down from 6.5% in the three months to May.

Meanwhile, the average earnings index, including bonuses, fell by a seasonally adjusted 0.2% in the three months to June, compared to expectations for a 0.1% decline, after rising by 0.4% in the three months to May.

Excluding bonuses, wages rose by 0.6% in the three months to June, missing forecasts for a 0.7% increase, after increasing by 0.7% in the three months to May.

Following the release of the data, the pound turned lower against the U.S. dollar, with GBP/USD shedding 0.06% to trade at 1.6802, compared to 1.6822 ahead of the data.

Meanwhile, European stock markets remained higher. London's FTSE 100 picked up 0.1%, the DJ Euro Stoxx 50 advanced 0.9%, France's CAC 40 rallied 0.8%, while Germany's DAX climbed 0.9%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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