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UK unemployment rate at the lowest level since 2008

Wednesday, May 13 2015
The number of people claiming unemployment benefit in UK in April fell by 12,600, the smallest decline since March 2013, compared with a forecast from economists for a fall of 20,000. However, total average weekly earnings in the three months to March, including bonuses, rose 1.9% compared with the same period a year earlier, from 1.7% in February, and above predictions on incline by 1.8%. Excluding bonuses, pay rose by 2.2%.
 
The number of unemployed people fell by 35,000 in the first quarter to 1.83 million, bringing the unemployment rate to 5.5%, its lowest level since the three months to July 2008, in line with market expectations.  Unemployment has fallen sharply since the middle of 2013, but earnings only recently started to inch upwards. Inflation plunged to zero percent in February and in March, pushed down by tumbling oil prices, meaning living standards are rising after a long period of earnings falling in real terms.
 
After the data Sterling rose and is currently being traded few points below 1.5720 level. Pair is likely to find support at 1.5650 area and resistance above 1.58 handle. Later today, BoE Inflation Report Hearing will be held.
More in this category: « German GDP growth slower at the beginning of 2015 Eurozone GDP up by 0.4% »

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