The UK Unemployment Rate Just Plunged, And The Pound Is Surging
Apr 16, 2014, 14:10 IST
The UK economy continues to look hot.
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According to official statistics, in the first quarter of the year, the unemployment rate fell to 6.9% from 7.1%.
This 6.9% level is actually below the 7% threshold that the Bank of England had previously set as a key target.
Wages are also rising, with pay 1.7% higher than a year earlier. With British inflation having recently fallen to 1.6%, British workers are finally catching up with the cost of living.
The strong number is causing the pound to surge.
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Here's the pound vs. the dollar via FinViz:
