U.K. jobless claims fall by 29,200 in July, pound spikes
Investing.com
Published Aug 14, 2013 04:31AM ET
In a report, the U.K. Office for National Statistics said that the claimant count fell by a seasonally adjusted 29,200 in July, better than expectations for a decline of 15,000 people.
The previous month’s figure was revised to a drop of 29,400 people from a previously reported decrease of 21,200.
The rate of unemployment held steady at 7.8% in June, in line with expectations and unchanged from May.
The Bank of England announced plans last week to keep interest rates on hold at record lows as long as the U.K. unemployment rate remains above 7%.
The report also said that the average earnings index rose by a seasonally adjusted 2.1% in June, above expectations for a 2% increase, after rising by 1.8% in the previous month.
Following the release of the data, the pound turned higher against the U.S. dollar, with GBP/USD rising 0.28% to trade at 1.5490.
Meanwhile, European stock markets were mixed in rangebound trade. London’s FTSE 100 eased down 0.3%, the EURO STOXX 50 shed 0.15%, France’s CAC 40 tacked on 0.1%, while Germany's DAX dipped 0.1%.
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Written By: Investing.com
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