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    UK jobs: Unemployment rate unexpectedly drops to lowest since Oct 2005 Dhwani Mehta

    The Office for National Statistics noted on Wednesday, the UK’s official jobless rate surprised to the upside, unexpectedly dropping to 4.8% versus 5.0% last, hitting almost eleven-year lows.The number of people claiming jobless benefits fell by 400 in May. The previous month's figure was revised sharply up to an increase of 6,400 from a decline of 2,400 in April. The claimant count rate stayed at 2.2% after a revision for April.Wage growth, excluding bonuses surprisingly increased to 2.3% in the April quarter from a revised 2.2% in the quarter to March, while wages including bonuses remained steady at 2% versus a slowdown to 1.6% expected.

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