UK unemployment falls to 4.8%

Yesterday, the pound fell broadly across the markets following a leaked memo pointed to the government not having a strategy in place for Brexit. Sterling fell on the news and the move lower was compounded by UK inflation coming out weaker than expected for October.

Today, we have just had the release of UK labour market data and the unemployment rate has dropped to 4.8%, reaching its lowest level since 2005.   Average earnings were slightly weaker than expected at 2.3% over the expectation of 2.4%, although it is a slight fall it is not significant enough to weaken the pound. Overall, the data maintains good resilience in the labour market sector following the Brexit vote. The recovery of Sterling following yesterday’s Brexit blip suggests the markets have a bullish bias for the pound, particularly against the euro.

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