UK Payrolls Rise 2k, Claimant Count Jumps 31.2k – Wages Hold at 4.4%

Britain added just 2,000 payrolled jobs in May, the Office for National Statistics reported, while the number of people claiming unemployment benefits jumped 31,200. The two labor market measures moved in opposite directions, widening a gap that narrowed earlier this year.

Total payrolled employment stood at 30.3 million in May. Over the past 12 months, the count fell by 119,000, a decline of 0.4%. The claimant count increase accelerated from an 8,300 rise in April.

The unemployment rate for the three months through April edged down to 4.9% from 5.0% in the prior period. That remains near historic lows.

Wage growth showed little change. Average weekly earnings excluding bonuses rose 4.4% year over year, matching the prior three-month rate. Including bonuses, total earnings growth held at 3.4%. Median monthly pay, a narrower gauge, rose 4.6% in May, down slightly from 4.8% in April.

The data come ahead of the Bank of England's next rate decision in June. The central bank has held its benchmark rate at 4.5% since March. For GBP/USD traders, the mix of rising claims and sticky wages keeps the policy outlook ambiguous.