UK Labor Market Report Releases, GBP/USD Weakens Further

UK's labor market report is out and the employment rate has fallen as Brexit uncertainties continues to wreak havoc on the economy.

Arslan Butt•Tuesday, July 16, 2019•1 min read

UK’s labor market report is out and the employment rate has fallen as Brexit uncertainties continue to wreak havoc on the economy. According to data released by the Office for National Statistics (ONS), employment rate has fallen 0.1% lower to 76% between March and May when compared to February-April period.

Even though the employment rate remains higher than it was a year ago, this is the first time since June-August 2018 that this figure has dropped lower. Employment in May has also dipped 0.2% lower when compared to April. Meanwhile, the unemployment rate held steady at 3.8% as expected.

Falling employment rate as the Brexit deadline of October 31 nears is a cause for alarm as far as the British economy is concerned. There are also expectations for the GDP figures due for release next month sliding lower for Q2 2019.

GBP/USD has fallen below the key 1.25 level and is currently trading at 1.2465 after the release of this labor market report.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Open a FREE Trading Account

ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.