The Office for National Statistics (ONS) released its monthly Labour Market Overview for April 2020, which covers 'estimates of employment, unemployment, economic inactivity and other employment-related statistics' for the period preceding the government's forced closedown of the economy in the wake of the COVID-19 epidemic.
Even though the findings of the survey, which covers the recorded labour conditions leading to the 12th of March, do not reflect on the economic toll from the lockdown, which was imposed on the 23rd of March, the presented data still illustrates a marginal deterioration in the British labour market.
According to the findings of the Overview, the number of people claiming unemployment benefits has increased from 5.9 thousand in February to 12.2 thousand in March.
UK Claimant Count. Image source: TradingEconomics.com
The consensus forecasts were anticipating a much larger surge in the claimants count for March, potentially reaching 170 thousand; however, this number was based on projections covering the entire month, and as it was stated above, the actual report reflected on the period leading up to the 12th of March.
The GBPUSD depreciated by more than one per cent during yesterday's trading session, on traders' fears stemming from the still unclear true extent of COVID-19's impact on the British labour market and economy.
The pound went on to depreciate against the greenback because the number of people claiming unemployment benefits has more than doubled in March compared to February.
Last month's numbers are potentially signalling a much deeper contraction of employment caused by the economy's shutdown, that is yet to be recorded by the ONS.
Nevertheless, the GBPUSD showed signs of stabilisation during today's trading session.
GBPUSD 1H Price Chart. Image source: Trendsharks ©, created with TradingView.com
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