Employment hits record high raising expectations for August interest rate hike

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According to data published by the Office for National Statistics (ONS), the United Kingdom unemployment rate held at a 42-year low of 4.2 percent in May, with the workforce swelling by 137,000.

"We've had yet another record employment rate, while the number of job vacancies is also a new record". On top of this, the majority of female employment growth since 2010 has been in higher skilled occupations (74.1%) and the full-time gender pay gap has fallen to a record low of 9.1%.

But he added: "It is important to remember that unemployment remains, by historical standards, at a low rate. From this, it's clear that the labour market is still growing strongly", Matt Hughes, a senior statistician at the ONS, said in a statement. Scotland's employment rate of 75.5% is also 0.2% below the United Kingdom level.

"The fact that after a recent dip, self-employment has how stabilised at 4.8m is good news for the economy, as FCSA's analysis of BEIS Business Population Estimates suggest that self-employment is worth £271bn to the economy".

Job vacancies increased by 7,000 to 824,000 - the most since records began in 2001.

The number of Scots out of work is on the rise, while falling across the rest of the United Kingdom, official figures today show.

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Wage growth also moderated slightly, with the average United Kingdom earnings increasing by 2.7%, compared to 2.8% at the last data release in June. The claimant count rose by 7,800 people in the data period. However, wages are still growing faster than inflation, meaning Brits are seeing real wage increases.

At the same time the United States dollar has fallen back against the pound and the majority of its other peers this morning as markets await Federal Reserve Chairman Jerome Powell's first congressional testimony later this afternoon.

The data is the last jobs report before the Bank of England meets on August 2 to discuss raising interest rates for just the second time in a decade.

The accompanying earning's figures were slightly gloomier however, with wage growth (excluding bonuses) slowing from 2.8 percent to 2.7 percent in May as forecast.

Dollars investors will be looking for any guidance on the path of U.S. interest rates in the coming months and are likely to be particularly focused on whether the recent escalation in trade tensions could prompt some caution from the Fed.

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