BREAKING: GBP drops after UK jobs data

7:02 AM 11 June 2024

UK jobs report for April, as well as monthly employment change data for May, was released today at 7:00 am BST. Report was expected to show a small drop in employment in May as well as moderation in 3-month/3-month employment drop for April. Unemployment rate was seen staying unchanged at 4.3% and wage growth was also seen staying unchanged at March's pace.

Actual data turned out to be mixed - unemployment rate ticked higher, headline wage growth also accelerated, while core wage growth stayed unchanged. 3-month employment change moderated compared to a month ago, but was deeper than expected. Employment change for May showed a smaller than expected drop.

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UK, jobs report for April

  • Employment change (3M/3M): -139k vs -98k expected (-177k previously)
  • Unemployment rate: 4.4% vs 4.3% expected (4.3% previously)
  • Wage growth: 5.9% YoY vs 5.7% YoY expected (5.7% YoY previously)
  • Wage growth (excluding bonuses): 6.0% YoY vs 6.0% YoY expected (6.0% YoY previously)
  • Employment change (monthly for May): -3k vs -10k expected (-85k previously)

GBP took a hit, following the release as an uptick in unemployment rate and weaker-than-expected employment data outweigh a hawkish acceleration in wage growth. GBPUSD is pulling back from the 50-hour moving average following the release (green line).

Source: xStation5

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