The UK job market exceeded market expectations by recording stronger growth in April as more sanctions measures were eased.
According to a report by the UK Office for National Statistics (ONS), the unemployment rate unexpectedly fell to 4.8% in the first quarter, better than market expectations to remain at 4.9% as previously recorded.
In addition, the number of unemployment benefit claims also showed a decrease of 15,100 compared to expectations of an increase of 25,600 last month.
While the total employment rate was recorded at 75.2% in the latest report, but still around 1.4% lower than the level seen in December to February 2020.
Employment prospects have improved significantly in recent months, as the government announced plans to fully reopen the economy on June 21 and provide wage support to workers still out of work until the end of September.
Following this encouraging data reading, the pound surged higher to touch the price level of 1.42000 against the weak US dollar, approaching a 3 -month high ever recorded in February.
The surge was also driven by the depreciation of the US dollar which fell lower at the opening of the European session.
