GBP/USD Rises After Unemployment Falls in the UK

The British pound jumped to a one-month high against the dollar on Friday, after official data showed the U.K.’s unemployment rate fell in February to its lowest level since July 2008.

The number of people in work in the U.K. rose by 248,000 in the three months to February, its biggest amount in almost a year, to a record 31.049 million, the Office for National Statistics said.

As a result, the jobless rate fell to 5.6 percent, from 5.7 percent in January, in line with analysts’ expectations.

“The recovery is being driven by full-time work in the private sector, far outstripping public sector job losses,” Ian Stewart, chief economist at Deloitte, said in a note.

via CNBC

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