THE TAKEAWAY: UK unemployment unchanged at high levels -> BOE minutes suggest further easing measures -> Sterling weakens against US Dollar, Euro
Unemployment in the UK was remained unchanged at 8.2% in April, the UK stats bureau says today. The number was line with economists’ expectations. Jobless claims were up by 8.2K, more than the 4K fall expected by economists.
The figures suggest weak labor market progress in the UK’s economic recovery program. The data came amid a recently exacerbated fiscal situation in Europe, which has directly affected production in the United Kingdom. The Bank of England mentioned the current unstable European political situation in Europe, which sees Greece for a second time attempting to form a coalition which will cooperate with the German-led bailout measures to recue the ailing Greek economy.
Sterling weakened on the release, which came at the same time as the unexpectedly dovish Bank of England Monetary Policy Committee’s minutes.