UK March jobs mixed: Claimant count surprises negatively, wages pick-up

The Office for National Statistics noted on Wednesday, the UK’s official jobless rate stayed unchanged at 4.7% in February, while the claimant count surprised markets to the downside.

The number of people claiming jobless benefits increased sharply by 25.5k in March, against expectations of a -3k decrease and -6.1k (revised up) seen previously. The claimant count rate ticked higher to 2.2% versus 2.1% last.

Wage growth, excluding bonuses dropped less than expectations in the reported period, coming in at 2.2% versus 2.4% (revised higher) booked previously, while the gauge including bonuses ticked higher, arriving at 2.3% 3m y/y versus 2.2% last.