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NewsBreak: Sterling Struggles to Hold Gains after U.K. Jobs Report

Published 09/10/2019, 04:41 AM
Updated 09/10/2019, 04:51 AM
© Reuters.
- - The British pound struggled to hold gains against the U.S. dollar and the euro on Tuesday after the U.K. employment report for July showed solid wage growth and a slight decrease in the unemployment rate. Annual wage growth hit 4% for the first time since 2008 but the currency remains tied to the unfolding drama over Brexit.

  • Average weekly earnings +4.0%, highest since June 2008; average weekly earnings (ex bonus) +3.8%; unemployment rate 3.8%

  • The jobs report came as parliament was suspended for five weeks and after Prime Minister Boris Johnson lost another attempt to hold a general election, meaning any election will not be held after the Oct. 31 Brexit deadline.

  • "The economy is tighter than you'd expect based on the Bank of England's stance," said Lena Komileva, managing director of G+ economics, via Twitter. "But labor-intensive industries aren't producing strong GDP growth and jobs are concentrated in low profit-margin businesses."

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