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UK Jobs fall sharply as wages rise- GBP/USD not impressed

The UK monthly and quarterly jobs report has just been released and it has produced some very stark and contrasting data. UK wages rose above consensus, but at the same time the payroll count tumbled.Those payrolls fell off a cliff in fact, dropping by 156k in the 3 months to February, where a rise of 74k was expected. So, the unemployment rate rose to 4.2% compared to a previous rate of 3.9%. The Pound initially tried to focus on the increased wages data, but that has quickly blown out. This was not a good report folks, either way you want to cut it and doubtless some analysts will now be talking Stagflation after this report. The GBP/USD is now falling back again as the true implications of this data sink in. The GBP/USD is currently trading at 1.2423

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