Average earnings growth increased from 0.7% to 0.9% and long-term unemployment, which is based on those out of work for more than 1 year, rose by 11,000 to 134,000.
Mark Bolsom, Head of the UK Trading Desk at Travelex, the worldâs largest non-bank FX Specialist, said, âThe unexpected fall in the claimant count figure is good news. It will certainly offer the government some much needed relief after yesterdayâs challenges from the European Commission.
âHowever, our Average Earnings growth is subdued and does not bode well for consumer demand â a huge driver in our economic recovery. It definitely takes some shine off the more positive claimant count figure. In the short-term however, investors are more likely to see this data as a positive step in the UKâs economic recovery.â
Sterling soared off the back of the news, rising 1.01% against the euro to 1.1152 and 1.01% against the dollar to $1.5370.