The unemployment rate unexpectedly dropped to 4.8 per cent in the quarter to March as the hospitality sector prepared for the easing of pandemic restrictionsSterling broke above $1.42 for only the second time in the past three years this morning on the back of surprisingly robust UK employment data. The Office for National Statistics said payrolls increased by 97,000 between March and April, making it a fifth consecutive month of growth, while the unemployment rate unexpectedly dropped to 4.8 per cent. Sponsored“Although the proportion of furloughed staff has fallen sharply there are still over twice as many on furlough as there are officially unemployed,” said Peter Schaffrik, global macro strategist at RBC. “Nevertheless it is significant that employment has begun to rise again and begun to do so ahead of the current easing of restrictions.”Amid the latest encouraging signs for the UK economy, the pound briefly rose up

Source: The Times May 18, 2021 11:03 UTC