Unemployment rose to the highest since 2020 and payrolls fell by 109K. That led to a quick fall to 1.3460 from 1.3535 but the pair has slowly recovered.
Bloomberg last month highlighted turmoil at the agency with the head of the agency quitting after being brought in to fix problems.
The problems emerged inconspicuously, at first, when one day the monthly Labour Force Survey or LFS was delayed, and then quietly delayed again. But nearly two years on from those first glimmers of crisis, policymakers are still in the dark over a fundamental aspect of the world’s sixth-largest economy.Although the LFS was eventually reinstated, it remains plagued by the same accuracy concerns that prompted its suspension, and a modernized replacement that was supposed to be launched last year now won’t be ready before late into next. In the meantime BOE officials are growing concerned that more of the metrics they rely on to set policy will turn out to be skewed, according to two people familiar with their discussions.The market sees just a 10% chance of a rate cut on June 19 but that's up to 73% for the August meeting.
This article was written by Adam Button at www.forexlive.com. Read More Details
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