Whilst most were off for Good Friday Bank holiday in the UK, the US released some key jobs data. The figures showed the US economy created more jobs than expected in March as more Americans become vaccinated and jobs across industries return. The headline non-farm payrolls figure showed an increase of 916,000 employed during the previous month (excluding the farming industry) which is the largest growth recorded since August. Growth in service sector employment again comprised the biggest contributor to the monthly payrolls reflecting easing social distancing restrictions and increased capacity limits at bars, restaurants, and other establishments. Leisure and hospitality payrolls rose by 280,000 however, these industries remain more than 3 million payrolls short of their pre-pandemic levels. The news wasn’t all positive however as the average hourly earnings growth unexpectedly turned negative in March and the unemployment rate fell to a pandemic-era low of 6.0%.
Yesterday, Boris Johnson confirmed the UK will continue with its plans to reopen the economy on April 12 with pubs, restaurants, and non-essential shops reopening. The pound reacted positively to the news with GBPEUR climbing to 13-month highs of 1.18.
Have a great day.
William Jones, Senior Relationship Manager.
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