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Largest Fall in Employment Since 2009 leaves Pound Sterling US Dollar (GBP/USD) Exchange Rate Muted
The Pound Sterling US Dollar (GBP/USD) exchange rate remained flat on Tuesday morning. This left the pairing trading at around $1.3095 following the latest employment data.
The Pound struggled to make gains after this morning’s data showed the number of people in employment fell by 220,000 in Q2.he Office for National Statistics (ONS) noted this was the largest fall in employment since 2009. The coronavirus crisis took a huge toll on the labour market despite support from the government’s furlough scheme.
The unemployment rate held steady at 3.9%, although this largely reflected huge numbers of Brits giving up looking for work.
Separate data also showed that the number of staff on company payrolls fell by -730,000 since March. This suggests there will be a larger increase in the country’s unemployment rate.
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