Source: ForexYard
Wednesday’s data on employment and earnings in the United Kingdom have helped give some bullish sentiment to the British pound (GBP). The Claimant Count Change report, which measures the change in the number of people filing for unemployment benefits in the previous month, sunk well below market forecasts. The average earnings index was also bumped mildly above what many were expecting.
The data, released by the UK Office of National Statistics, showed the number filing for unemployment benefits to be near 20,300, well below the forecast 34,800 and last month’s reading of 33,700. The underlying reason may not be as optimistic as the report initially appears, but it does add to the mounting bullish pressure beneath the GBP. The earnings index also saw a rise of 2.8%, beating last month’s report and this month’s forecast for 2.7% growth in earnings. This news supports the growing value of employment in the UK.
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