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UK wage growth beats estimates; unemployment rate steady

Sterling continued its advance against the dollar as pay growth in the U.K. rose more than expected in July, while unemployment stood at one of its lowest levels in years.

Average weekly earnings, including bonuses, rose 2.6% year over year in nominal terms in the three months to July, compared with a 2.4% growth rate in the three months to June, the Office for National Statistics said. The Econoday consensus expected wages to increase 2.5%.

Excluding bonuses, average weekly earnings went up 2.9%, compared with a 2.7% increase in the three months to June. Adjusted for price inflation, earnings rose 0.2% including bonuses and by 0.5% excluding bonuses.

The unemployment rate was unchanged at 4.0%, its lowest level since early 1975.

The pound was up 0.35% against the dollar as of 4:42 a.m. ET on Sept. 11.