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Great Britain published its unemployment rate<\/a> this morning, revealing a 0.2% decline from 7.9% to 7.7% for the preceding month. The pound was trading lower, however, as the Claimant Count Change for April showed 12,000 more people filing for unemployment benefits than was expected.<\/p>\n <\/span>While average hourly earnings was also up by 2.7% in Great Britain, usually indicating job growth, the claimant count figure superseded any potential bullishness expected out of the UK economy.<\/p>\n The British pound (GBP) has been moving downward against its currency rivals today, with the GBP\/USD reaching as low as 1.6170 and the EUR\/GBP climbing as high as 0.8806. Both of these major pairs appear to have momentum favoring GBP bearishness.<\/p>\n The unemployment rate was a surprise for many, though, considering the recent data out of the UK economy these past several months. Some analysts had shown expectations for a healthier rise in employment, but a faltering industrial and manufacturing sector has recently weighed on the British job market.<\/p>\n The hike in wages was a healthy indicator, though it too may only be a lagging reflection of what was occurring in the early days of April. The stagnation<\/a> in prices experienced since then appears to have more pull than anything else.<\/p>\n