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UK Unemployment Rate Improves

This morning we saw a slight improvement for UK unemployment in the last three months leading up to August. ONS (Office for National Statistics) did forecast a level of 4.1% whereas we actual figures shown a level of 4%. With the UK labour data moving in the right direction compared to several other countries, there was some mixed signals from the data this morning. DWP (Department for Work and Pensions) indicated that people seeking jobless benefits did increase in August, surpassing 20k and ending up on 23.7k.

With more people being in the job market, we did see a drop off for real earnings – shifting from increasing by 5.1% back in the last quarter now only seeing a growth of 4.9%. This has divided that outlook for the overall UK labour market – noticing that business are struggling to facilitate earnings growth for their employees.

Overall markets seems to have focused more on the unemployment numbers being released this morning, seeing a slight gain for GBP to EUR and USD from when markets opened for Tuesday.

GBP is still performing overall well on the markets, and it will be interesting to see if it can continue this pattern tomorrow when we have core inflation and inflation rate being released in the morning. Forecast is that we can see inflation rate drop off below the 2% mark. With previous numbers at 2.2% – expectations is that we could see a level of 1.9% that could put some downward pressure on GBP against its currency peers.

GBP/EUR 1.1977 GBP/USD 1.3066 GBP/AED 4.7992
GBP/AUD 1.9454 GBP/CHF1.1255 GBP/CAD 1.8040
GBP/NZD 2.1449 EUR/USD1.0890 GBP/ZAR 22.974

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