U.K. unemployment rate remains unchanged in August, average earnings increase

The rate of unemployment in the United Kingdom remained unchanged during the month of August, although the average earnings increased in the year to August. The rise in earnings have been modest in recent years, but this has been offset by low inflation.

The UK jobless rate held steady at a near 11-year low of 4.9 percent in the three months to August, data released by the Office for National Statistics showed Wednesday. However, unemployment increased by 10,000 to 1.66 million in the quarter to August.

Further, average weekly earnings grew by 2.3 percent, a slight fall from the previous month. The employment figures sent the pound up against the dollar and euro, rising back above USD1.23 and GBP1.12.

"These figures show that employment continued to grow over the summer and vacancies remain at high levels, suggesting continuing confidence in the economy," ONS said in its report.

In addition, employment was up by 106,000 in the latest quarter to almost 32 million, the highest since records began in 1971. Meanwhile, the ONS noted that the statistics covered two months after the European Union referendum result.