Morning Forex Fundamental: GBP

Morning Forex Fundamental: GBP

'Today's figures show that, against a difficult economic backdrop, we're helping people to move off benefits and into work' - Employment Minister Mark Hoban

The number of unemployed people in Britain increased for the first time in a year, while average earnings growth fell to the lowest in over three years, the Office for National Statistics said Wednesday. The total jobless jumped by 7,000 to 2.52 million, ending a run of reductions, with all the increase caused by more 18 to 24-year-olds becoming unemployed. The youth unemployment stood at 993,000 in the last quarter of 2012, up by 48,000 from the three months to October. Despite an increase, the figure is still 152,000 lower than a year ago, and the overall jobless rate remained unchanged at 7.8%. Average weekly earnings, which exclude bonuses, rose only 1.2%, posting the lowest gain since the three months to December 2009 and down from a 1.3% rise between October and December last year.

Employment Minister Mark Hoban said: 'Today's figures show that, against a difficult economic backdrop, we're helping people to move off benefits and into work. There are still tough challenges ahead which are why we're working hard to give jobseekers all the help and support they need to realise their aspiration of finding a job.'

Martina Milburn, chief executive of the Prince's Trust, said: 'Youth unemployment is now back on the rise, and urgent action is needed before thousands more young people find themselves out of work.'