U.K. Unemployment Rate Reaches 7.1% In March

Release Explanation: Measures the number of jobs created, or the percentage of employed/unemployed in the labor market. It is very important that economic forecasts are based on the labor market.” Economic strength builds from the willingness/confidence of firms to hire, without a strong labor market growth is hard to achieve,” TheLFB-Forex.com Trade Team said

TheLFB-Forex.com Trade Desk Thoughts: The unemployment rate increased again in the U.K. in the latest three months to March 2009, to the highest rate seen in the last decade. The released rate of 7.1% is higher than what the market expected. The number of unemployed people increased by 244,000 over the quarter and by 592,000 over the year, to reach
2.22 million. These are the largest quarterly increases in the unemployment level and rate since 1981.

Forex Technical Reaction: The pound lost 50 pips during the release, bouncing from TheLFB R2 (1.5320). During today’s trading session, the pound rose 200 pips.

U.K. Claimant Count Reaches 14-Year High In April

Release Explanation: Measures the number of jobs created, or the percentage of employed/unemployed in the labor market. It is very important that economic forecasts are based on the labor market. “Economic strength builds from the willingness/confidence of firms to hire, without a strong labor market growth is hard to achieve,” TheLFB-Forex.com Trade Team said

TheLFB-Forex.com Trade Desk Thoughts: The number of people seeking unemployment increased again in April to the highest value in the last 14 years. The report shows there were 1.51 million persons on the claimant count in March, and up by 57,100 from one month earlier. The previous released number, for the month of March, was revised from 73.7K to 65.5K.

Forex Technical Reaction: The pound lost 50 pips during the release, bouncing from TheLFB R2 (1.5320). During today’s trading session, the pound rose 200 pips.

U.K. Average Earnings Negative For The First Time On Record

Release Explanation: This release measures the change in the prices that businesses and governments pay for labor. “Although, this report does not take into account all sources of household income but the labor cash earnings does accurately reflect the spending ability of domestic households, which is one of the driving forces of economic growth,” TheLFB-Forex.com Trade Team said

TheLFB-Forex.com Trade Desk Thoughts: The annual rate of growth in average earnings including bonuses was 0.4 per cent in the three months to March 2009. This negative annual growth rate is unprecedented since comparable records began in 1991 and is mainly due to lower bonuses in the financial sector

Forex Technical Reaction: The pound lost 50 pips during the release, bouncing from TheLFB R2 (1.5320). During today’s trading session, the pound rose 200 pips.

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