Weaker-than-expected U.K. labor market data got traders selling the British pound today.
In case you just tuned in to the newswires, you should know that the U.K. just dropped a pretty weak set of labor market numbers for the month of December.
The unemployment rate may have remained at 4.2% for the month but jobless claimants also ballooned from 0.6K to 11.7K.
Meanwhile, the three-month average wages slowed down faster than expected, down from 7.2% to 6.5% when analysts saw a 6.8% uptick. In fact, it’s the weakest since the November 2022 – January 2023 average! And then there’s the number of job vacancies, which declined for the 18th consecutive period and marked a two-year low in the three months to December.
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