All UK employment data points fall short of expectations: jobless claims (Claimant Count Change) are up 7K, breaking a long series of falls – the first rise since 2012. The unemployment is up to 5.6%. These are both very worrying signs. Average earnings are up 3.2%, a bit short of expectations and ex-bonuses are up 2.8%. Wages continue accelerating their rises, by the most in 5 years, but a bit under expectations.
GBP/USD falls around 50 pips to the 1.56 level.
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