Mubasher: The UK Labour Force Survey estimates suggested that the number of working people barely changed between the period from March to May and that from June to August.

The number of employed people across the UK came in at 32.39 million during the three-month period ended August compared with the previous period ended May.

On an annual basis, the number increased by 289,000 during June and August 2018, the Office for National Statistics (ONS) said on Tuesday.

The number of employed people aged from 16 to 64 years fell to 75.5% in the period between June and August, compared to 75.7% in the previous three-month period, while it rose from 75.1% in the same period of 2017.

The unemployed population, on the other hand, reached 1.36 million in the three-month period, dropping by 47,000 from the figure recorded in the previous three-month period, with a year-on-year decline of 79,000, the ONS reported.

The overall UK unemployment rate came in at 4% in the three-month period ended last August, marking the lowest rate since the period between December 1974 and February 1975.

However, the rate of inactivity was 21.2% in the three months, which is higher than 21% observed during the previous three months, and higher than 21% in the same three months of the prior year.

This meant that the number of economically inactive people aged from 16 to 64 years reached 8.75 million, 103,000 more than the preceding three months, yet 65,000 lower than the same period of the prior year.

The average weekly earnings, excluding bonuses, grew 3.1% in nominal terms, not adjusted for price inflation, compared to the same period last year. The average weekly earnings, including bonuses, rose 2.7%

In real terms, the average weekly earnings increased by 0.7% year-on-year, less bonuses and 0.4%, including bonuses.

By 8:58 am GMT, the GBP/USD pair climbed 0.34% to $1.3197, as the EUR/GBP declined 0.25% to GBP 0.8782.