Sterling recovers mildly after mixed job data, but upside is limited so far.
Unemployment rate dropped to 4.0% in the 3 months to June, down from 4.2% and beat expectation of 4.2%. That’s also the lowest level in 43 years since the quarter to February 1972.
However, average weekly earnings including bonus slowed to 2.4% 3moy, down from 2.5% and missed expectation of 2.5%.
Average weekly earnings excluding bonus also slowed to 2.7%, down from 2.8% even though it beat expectation of 2.6%.
In July, claimant counts rose 6.2k, above expectation of 3.8k.
