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Sterling down after job data

Wednesday, Aug 12 2015
A narrower measure of unemployment showed claims for jobless benefits unexpectedly fell 4,900 in July and an increase in June was almost entirely revised away. The rate on that measure was 2.3 percent last month. Analysts were anticipating rise by 1,400.
 
The number of people looking for work increased 25,000 to 1.85 million, which left the jobless rate at 5.6 percent, the Office for National Statistics said Wednesday in London. Employment declined by 63,000 in the period. This was in line with market forecasts. 
 
The report also showed that total pay, which includes bonuses, rose an annual 2.4 percent in the second quarter, down from 3.2 percent the previous month. The drop, sharper than economists had forecast, largely reflects at 3.3 percent decline in bonuses. Underlying pay growth stayed at 2.8 percent, in line with estimates. 
 
Economists said before the data that the recent slowdown in the labor market is likely to be temporary. The ONS data suggest some improvement in the labor market in the quarter through July, with the unemployment rate for June alone falling to 5.5 percent from 5.8 percent in May.
 
After the data Sterling was pushed lower and is currently being traded around 1.5560 level. Pair is likely to find support around 1.55 handle and resistance above 1.5610 area. Later today, in the US session, JOLTS Job Openings figures are scheduled for a release.
More in this category: « China's Industrial Production fell to 6.0% Job openings at 5.2 million »

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