UK: ILO Unemployment Rate declines to 3.7% in March vs. 3.8% expected

ILO Unemployment Rate in the UK declined to 3.7% from 3.8%.
GBP/USD edges higher toward 1.2370 after the data.

Eren Sengezer FXStreet

The ILO Unemployment Rate in the UK declined to 3.7% in three months to March from 3.8%, the UK's Office for National Statistics reported on Tuesday. This reading came in slightly lower than the market expectation of 3.8%.

Further details of the publication revealed that the Claimant Count Change in April was -56.9K, compared to analysts' estimate of -38.8K. Finally, the Average Earnings Including Bonus and Excluding Bonus rose by 7% and 4.2%, respectively, on a yearly basis.

Market reaction

GBP/USD gained traction with the initial reaction and was last seen rising 0.37% on a daily basis at 1.2363.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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