Spreadex Market Update
UK unemployment rises for first time in 7 months as disappointing jobs report weighs on FTSE
Increasing for the first time in 7 months, the number of people unemployed in the UK, though largely unchanged at 5.1%, jumped by 21000. And whilst that is complicated slightly by the fact that the number of employed people in the country also rose by 20000 (but, admittedly, with full time employment dropping by 34000), there was still an ominous softness to this month’s figures. That softness was especially notable in the country’s wage growth, falling to 1.8% from 2.1%, a far cry from the 3% growth seen last autumn.
It appears that the run-up to the EU referendum in June is taking its toll on the jobs sector, just as it has on manufacturing and services in the past month or so; interestingly, however, the pound has risen by 0.3% against the dollar, cable now at its highest price since the end of March. The FTSE, on the other hand, wasn’t so lucky, slipping by 35 points as lunchtime approached despite a resurgence from its miners, which had initially looked a bit haggard earlier in the day.
The Dow Jones looks set to be in a similar position at the start of the US session this afternoon, the futures pointing to a 30 point fall after the bell. That still leaves the Dow above 18000, however, but with only existing homes sales and a first quarter update from Coca-Cola to look forward to.
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