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UK Unemployment Falls to 6.8%, Lowest Since 2009

Unemployment Rate:
UK's Office for National Statistics (ONS) reported a drop in unemployment rate in the first quarter of 2014 from 6.9% in the previous quarter to 6.8%. This is the lowest since 2009, and extends a falling unemployment rate since it peaked at 8.4% in 2012.

Jobless Claims
Meanwhile, the claimaint count change for April was -25.1K.
Forecast was -30.7K
Previous was -30.6K


Economists were looking for more reduction in those claiming unemployment benefits. Despite missing forecast, it is the 18th straight negative reading, which reflects a recovering jobs market. 

The continuing reduction in claimants supports the decline in unemployment rate, so barring from some economic collapse, we can expect further drop in unemployment in the next quarter as well. 

The ONS also reported that wage growth in the first quarter surpassed inflation for the first time since 2010 in the first quarter. 

Despite the positive jobs report, the GBP was pressured after the BoE Inflation Report and press conference.