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UK unemployment rises even before Covid-19 outbreak

UK unemployment rises even before Covid-19 outbreak

U.K. unemployment report released on Tuesday showed that the unemployment rate rose even before the Covid-19 outbreak, reflecting the weakness in the economy.

Unemployment rate soared to 4.0 percent in the three months through February from a previous of 3.9 percent. The ONS estimates 1.364 million people were unemployed in the December-February period.

Average earrings including bonuses decelerated to 2.8 percent in the quarter-ended February from a year earlier, from a prior of 3.1 percent. Excluding bonuses, pay growth slowed to 2.9 percent year-on-year from a previous of 3.1 percent.

Jobless benefits for the month of March shot up to 12,100 from a revised of 6,000 in February, compared to forecasts of 170,000 surge.

As of 07:07 GMT, the pound traded 0.25 percent lower versus the dollar at 1.2414, set for its third straight daily decline.

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