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UK: Jobless claims fall less than expected in July, ILO jobless rate remains at 3.8%

The Unemployment claims in the United Kingdom fell by 10,533 during the month of July, disappointing the expectations of the market, which expected a decrease of 32,000. In June, the indicator showed a drop of 20,000.

This is the 17th consecutive month that the number of jobless applicants has decreased, but the one published today is the smallest reduction seen since July 2021, just one year ago.

The ILO unemployment rate unchanged after the data, remaining at 3.8%, as expected. This is the third consecutive month that the rate has not changed.

Average earnings excluding bonuses in the three months from April to June are up 4.7%, improving on 4.3% previously and 4.5% forecast. Including bonuses, salaries have risen by 5.1%, above the estimated 4.5%, although without reaching the 6.2% of the previous month.

GBP/USD reaction

The GBP/USD It has traded in a range since the beginning of the day, limited between 1.2060 at the top and 1.2035 at the bottom. This latest level has marked an eleven-day low in the Asian session. At time of writing, the pound is trading against the dollar above 1.2042, shedding 0.10% on the day.

Source: Fx Street

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