At 7am this morning the Office for National Statistics provided an update on UK jobs and it showed companies have started hiring in anticipation of an end to the coronavirus lockdowns, holding back the overall rate of unemployment.
The headline jobless rate rose to 5% in the quarter through January, less than the 5.2% rate expected by economists in a major boost to the economy. It marks a glimmer of hope that the U.K. could soon start to recover from its worst recession in three centuries.
The Pound was however initially sold off after the announcement falling to 1.3822 after average earnings fell and the number of people claiming unemployment-related benefits increased. In what was a pretty mixed report the number of employees on payrolls rose 68,000 in February and job vacancies from December to February rose by 8% to a total of 601,000.
Yesterday the US was given a boost after Federal Reserve Chairman Jerome Powell says the economic recovery from the coronavirus pandemic has progressed more quickly than expected, but the central bank does not intend to let up in its support efforts.
Have a great day.
William Jones, Senior Relationship Manager.
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