Forex Pros – The number of people claiming unemployment benefits in the U.K. rose significantly more-than-expected in April, official data showed on Wednesday.
In a report, the U.K. Office for National Statistics said that the claimant count rose by a seasonally adjusted 12,400 in April, after rising by 6,400 in March, whose figure was upwardly revised from an increase of 700.
Analysts had expected the claimant count to rise by 500 in April.
Meanwhile, the rate of unemployment fell unexpectedly in March, dropping to 7.7% from 7.8% in February. Analysts had expected the unemployment rate to rise to 7.9% in March.
The report also said that the average earnings index rose more-than-expected in March, climbing by a seasonally adjusted 2.3%, above expectations for a 2.0% increase.
Following the release of the data, the pound was down against the U.S. dollar, with GBP/USD shedding 0.15% to hit 1.6228.
Meanwhile, European stock markets were broadly higher. The FTSE 100 was up 0.85%, the EURO STOXX 50 climbed 0.77%, France’s CAC 40 jumped 0.88%, while Germany’s DAX advanced 0.85%.
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