London - The UK labor market showed signs of resilience in the face of the referendum on European Union membership as unemployment unexpectedly fell and wage growth accelerated.
The jobless rate declined to 5 percent in the three months through April, the lowest since 2005, the Office for National Statistics in London said on Wednesday. That’s less than the 5.1 percent predicted in a Bloomberg survey.
The number of people in work rose by 55,000 to a record 31.6 million.
Pay pressures also ticked higher. Basic wage growth accelerated to 2.3 percent from 2.2 percent in the first quarter, instead of easing as economists forecast. The rate including bonuses was unchanged at 2 percent, also higher than forecast.
Unemployment fell by 20 000 to 1.67 million.
Read also: Alexander Forbes profits despite rise in jobless rate
In April alone, the jobless declined to 4.8 percent, the lowest since September 2005. Jobless benefits, a narrower measure of unemployment, fell 400 in May and the rate was unchanged at 2.2 percent. In April, claims rose 6 400 instead of the 2 400 fall previously estimated.
BLOOMBERG