UK: ILO Unemployment Rate edges lower to 3.8% in February vs. 3.9% expected

• UK ILO Unemployment Rate declined to 3.8% in February.
• GBP/USD edges lower after the data but holds above 1.3000.

The data published by the UK's Office for National Statistics (ONS) showed on Tuesday that the ILO Unemployment Rate edged lower to 3.8% in three months to February from 3.9% in March. This reading came in slightly better than the market expectation of 3.9%.

Underlying details of the publication revealed that the Average Earnings Including Bonus rose by 5.4%, compared to 4.8% in January, as expected. 

The ONS further noted that the number of job vacancies in the UK from January to March 2022 increased to a new record of 1,288,000.

Market reaction

With the immediate market reaction, the British pound came under modest selling pressure. The GBP/USD pair was last seen posting small daily losses at 1.3020.