GBP Sinks to Fresh Lows on Weak UK Employment Data

The British Pound (GBP) has fallen against the US Dollar (USD), following the release of soft UK employment data. The GBP/USD exchange rate is trading at around 1.3530, down 0.1% from Monday's close.

Analysts at ING described the latest UK labour figures as 'nothing particularly earth-shattering', but noted that payrolled employment is down a touch. They also pointed out big differences between government sectors, which are still actively hiring, consumer services, where job numbers are consistently falling and accelerating in decline, and the remaining private sector, which is flatlining.

June's UK unemployment data showed that ILO Unemployment remained steady at 4.9%, against expectations of a decline to 4.8%. Employment increased by 83K, well below the 147K rise posted in May. On the positive side, unemployment claims declined by 11K, against expectations of a 11.2K rise.