Economic Buzz: UK unemployment rate rise to 4.7%

The UK unemployment rate rose unexpectedly in the three months to May, data from the Office for National Statistics revealed on Thursday.

The jobless rate rose to 4.7 percent, while it was forecast to remain unchanged at 4.6 percent.

Payroll employment decreased 178,000 in June from the previous year, and by 41,000 from the previous month. Employment totaled 30.3 million.

The estimated number of vacancies declined 56,000 sequentially to 727,000 in the three months to June.

Including bonuses, average earnings increased 5.0 percent from the previous year in the three months to May, which was in line with expectations.

Earnings excluding bonuses also grew 5.0 percent, slightly faster than the expected growth of 4.9 percent.

Powered by Commodity Insights