GBP/USD slumps by around half a percent; UK unemployment rate hits four-year high
The British pound slumped by around half a percent on Tuesday against the dollar amid weak jobs data. The UK unemployment rate has jumped to 5% in the July to September quarter, the highest level since February 2021, and up from 4.8% a month earlier, and higher than expected 4.8%. GBP/USD pair plunged to a low of $1.3120 in immediate reaction to the data. Also, the Office for National Statistics estimate that the number of employees on payrolls fell by 32,000 in September and by another 32,000 in October to 30.3 million. Wage growth slowed too. Annual growth in employees average earnings slipped to 4.6% in the quarter, down from 4.7% in the three months to August. Meanwhile, on the NSE futures, GBP/INR fell 0.23% to be trading at 116.60.
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