Investing.com – The number of people claiming unemployment benefits in the U.K. rose less-than-expected in October, while the unemployment rate rose to the highest level since 1996, official data showed on Wednesday.
In a report, the U.K. Office for National Statistics said that the claimant count rose by a seasonally adjusted 5,300 in October, significantly below expectations for an increase of 21,000.
The previous month’s figure was revised down to 13,400 from a previously reported increase of 17,500.
The rate of unemployment rose to a 15-year high of 8.3% in October, up from 8.1% in the previous month. Analysts had expected the U.K. unemployment rate to rise to 8.2%.
According to the data, U.K. youth unemployment rate rose to 21.9%, the highest on record.
The report also said that the average earnings index rose by a seasonally adjusted 2.3% in October, below expectations for a 2.5% gain, after rising by a revised 2.7% in the previous month.
Following the release of the data, the pound remained lower against the U.S. dollar, with GBP/USD shedding 0.24% to trade at 1.5784.
Meanwhile, European stock markets were higher. The FTSE 100 rose 0.3%, the EURO STOXX 50 climbed 1.15%, France’s CAC 40 advanced 0.9%, while Germany's DAX jumped 0.85%.
In a report, the U.K. Office for National Statistics said that the claimant count rose by a seasonally adjusted 5,300 in October, significantly below expectations for an increase of 21,000.
The previous month’s figure was revised down to 13,400 from a previously reported increase of 17,500.
The rate of unemployment rose to a 15-year high of 8.3% in October, up from 8.1% in the previous month. Analysts had expected the U.K. unemployment rate to rise to 8.2%.
According to the data, U.K. youth unemployment rate rose to 21.9%, the highest on record.
The report also said that the average earnings index rose by a seasonally adjusted 2.3% in October, below expectations for a 2.5% gain, after rising by a revised 2.7% in the previous month.
Following the release of the data, the pound remained lower against the U.S. dollar, with GBP/USD shedding 0.24% to trade at 1.5784.
Meanwhile, European stock markets were higher. The FTSE 100 rose 0.3%, the EURO STOXX 50 climbed 1.15%, France’s CAC 40 advanced 0.9%, while Germany's DAX jumped 0.85%.