UK unemployment

Pound Sterling rose against all major currencies in early trade on Tuesday, driven by a bid in GBP/EUR, after official data showed employment rising and the unemployment rate falling late in the second quarter.

The UK economy contracted less than was expected last quarter but its foundations are weakening with financial distress growing as a constraint within the small business sector and lynchpin of the labour market.

Unemployment fell back to a multidecade low and wages rose at their fastest pace since the financial crisis during November, according to Office for National Statistics data released Tuesday, as the labour market tightened further toward year-end.