UK Employment Data Supports Pound's Strength
The British pound experienced an appreciation against major currencies during Tuesday's European trading session, buoyed by encouraging employment statistics from the UK for the three months ending in June.
Employment Statistics Overview
According to the Office for National Statistics, the UK's unemployment rate remained steady at 4.7 percent in the second quarter, aligning with market expectations. The number of payroll employees in July decreased by 164,000 year-over-year and by 8,000 compared to June, totaling 30.3 million.
Job Market Trends
Vacancy numbers declined for the 37th consecutive quarter, dropping by 44,000 to 718,000, indicating a gradual easing in job openings. Wages, excluding bonuses, grew by 5.0 percent annually in the three months to June, surpassing the anticipated 4.7 percent increase. Including bonuses, total earnings rose by 4.6 percent.
Labor Disputes and Market Reactions
Labour disputes led to approximately 38,000 days lost across the UK in June. Meanwhile, European stock markets gained ground as the U.S. delayed tariff hikes on Chinese imports until November ...