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UK unemployment rate rises to 4.4% from February to April versus 4.3% expected

  • The unemployment rate in the United Kingdom rose to 4.4% in February to April.
  • The change in the number of applicants in Great Britain was 50,400 in May.
  • GBP/USD eases to 1.2700 after mixed UK employment data.

The United Kingdom’s (UK) unemployment rate according to the ILO rose to 4.4% in the three months to April after reporting 4.3% in the previous period, according to data published on Tuesday by the Office for National Statistics ( ONS). The market consensus was a reading of 4.3%. This is the highest unemployment rate since September 2021.

Additional details from the report showed that the number of people filing for unemployment benefits increased by 50,400 in May, compared to a revised increase of 8,400 reported in April, exceeding the expected increase of 10,200.

Employment change data for April was -140,000, up from -177,000 in March.

Meanwhile, average non-bonus earnings in the UK rose 6.0% year-on-year from February to April, up from 6.0% growth in March. The reading coincided with expectations.

Another measure of wage inflation, average earnings including bonuses, rose 5.9% in the same period, the same pace as seen in the quarter to March and above the expected increase of 5.7%.

GBP/USD reaction to UK jobs report

GBP/USD down a few pips with mixed UK employment data. The pair is flat on the day at 1.2725, at the time of writing.

Price of the Pound Sterling Today

The following table shows the percentage change of the British Pound (GBP) against the major currencies listed today. The British Pound was the strongest currency against the Japanese Yen.

USD EUR GBP JPY CAD AUD NZD CHF
USD -0.01% 0.03% 0.16% 0.02% 0.13% 0.10% 0.02%
EUR 0.01% 0.04% 0.15% 0.04% 0.16% 0.12% 0.06%
GBP -0.03% -0.04% 0.12% -0.01% 0.10% 0.06% -0.03%
JPY -0.16% -0.15% -0.12% -0.13% -0.04% -0.07% -0.14%
CAD -0.02% -0.04% 0.01% 0.13% 0.11% 0.07% -0.02%
AUD -0.13% -0.16% -0.10% 0.04% -0.11% -0.04% -0.14%
NZD -0.10% -0.12% -0.06% 0.07% -0.07% 0.04% -0.08%
CHF -0.02% -0.06% 0.03% 0.14% 0.02% 0.14% 0.08%

The heat map shows the percentage changes of the major currencies against each other. The base currency is chosen from the left column, while the quote currency is chosen from the top row. For example, if you choose the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change shown in the box will represent GBP (base)/USD (quote).

Source: Fx Street

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