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UK Labor Market Data Led to a Decline in the Pound
The UK labor market report released
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The UK labor market report released this morning turned out to be unexpectedly weak. The unemployment rate rose from 5.1% to 5.2%, and in January there was a sharp increase in unemployment benefit claims from 2.7 thousand to 28.6 thousand. The pound reacted with a noticeable decline.The pace of average wage growth slowed. While the decrease in wages excluding bonuses had been expected and matched forecasts (a decline from 4.4% year-over-year to 4.2%), the second indicator unexpectedly fell from 4.6%
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