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.

Start investing today or test a free demo

Open real account TRY DEMO Download mobile app Download mobile app

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

Share:
Back
Xtb logo

Join over 1 000 000 XTB Group Clients from around the world

The financial instruments we offer, especially CFDs, can be highly risky. Fractional Shares (FS) is an acquired from XTB fiduciary right to fractional parts of stocks and ETFs. FS are not a separate financial instrument. The limited corporate rights are associated with FS.
This page was not created for investors residing in Brazil. This brokerage is not authorized by the Comissão de Valores Mobiliários (CVM) or the Brazilian Central Bank (BCB). The content of this page should not be characterized as an investment offer in Brazil or for investors residing in that country.
Losses can exceed deposits

We use cookies

By clicking “Accept All”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

This group contains cookies that are necessary for our websites to work. They take part in functionalities like language preferences, traffic distribution or keeping user session. They cannot be disabled.

Cookie name
Description
SERVERID
userBranchSymbol cc 2 March 2024
test_cookie cc 25 January 2024
adobe_unique_id cc 1 March 2025
__hssc cc 8 September 2022
SESSID cc 2 March 2024
__cf_bm cc 8 September 2022
intercom-id-iojaybix cc 26 November 2024
intercom-session-iojaybix cc 8 March 2024

We use tools that let us analyze the usage of our page. Such data lets us improve the user experience of our web service.

Cookie name
Description
_gid cc 9 September 2022
_gat_UA-98728395-1 cc 8 September 2022
_gat_UA-121192761-1 cc 8 September 2022
_gcl_au cc 30 May 2024
_ga_CBPL72L2EC cc 1 March 2026
_ga cc 1 March 2026
__hstc cc 7 March 2023
__hssrc

This group of cookies is used to show you ads of topics that you are interested in. It also lets us monitor our marketing activities, it helps to measure the performance of our ads.

Cookie name
Description
MUID cc 26 March 2025
_omappvp cc 11 February 2035
_omappvs cc 1 March 2024
_uetsid cc 2 March 2024
_uetvid cc 26 March 2025
_fbp cc 30 May 2024
fr cc 7 December 2022
_ttp cc 26 March 2025
_tt_enable_cookie cc 26 March 2025
_ttp cc 26 March 2025
hubspotutk cc 7 March 2023

Cookies from this group store your preferences you gave while using the site, so that they will already be here when you visit the page after some time.

Cookie name
Description

This page uses cookies. Cookies are files stored in your browser and are used by most websites to help personalise your web experience. For more information see our Privacy Policy You can manage cookies by clicking "Settings". If you agree to our use of cookies, click "Accept all".

Change region and language
Country of residence
Language