• March unemployment rate 7.8% vs 7.9%
  • March claim count revised to -9.9k from -7.0k
  • Avg wkly earnings 0.4% vs 0.7% exp. Prior 0.8% revised to 1.0%
  • Avg earnings ex bonus 0.8% vs 0.8% exp. Prior 1.0%.

Decent figures and a drop in the unemployment rate. Average earnings down slightly which will take some inflationary pressure off.

Expect Mervyn King to point to this report and the falling price of oil and commodities as key drivers of lower inflation targets.

Cable taking a pop to 1.5250 and as expected, is well sold into.