UK: ILO Unemployment Rate declines to 3.7% in March vs. 3.8% expected

• ILO Unemployment Rate in the UK declined to 3.7% from 3.8%.
• GBP/USD edges higher toward 1.2370 after the data. 

The ILO Unemployment Rate in the UK declined to 3.7% in three months to March from 3.8%, the UK's Office for National Statistics reported on Tuesday. This reading came in slightly lower than the market expectation of 3.8%.

Further details of the publication revealed that the Claimant Count Change in April was -56.9K, compared to analysts' estimate of -38.8K. Finally, the Average Earnings Including Bonus and Excluding Bonus rose by 7% and 4.2%, respectively, on a yearly basis.

Market reaction

GBP/USD gained traction with the initial reaction and was last seen rising 0.37% on a daily basis at 1.2363.