Investing.com - The number of people claiming unemployment benefits in the U.K. declined more-than-expected in November, while the country’s jobless rate fell to the lowest level since May 2009, official data showed on Wednesday.
In a report, the U.K. Office for National Statistics said that the claimant count fell by a seasonally adjusted 36,700 last month, better than expectations for a decline of 35,000 people. October’s figure was revised to a drop of 42,800 people from a previously reported decline of 41,700.
The rate of unemployment ticked down to 7.4% in October from 7.6% in September. Analysts had expected the jobless rate to remain unchanged.
The Bank of England previously announced plans to keep interest rates on hold at record lows as long as the U.K. unemployment rate remains above 7%.
The report also said that the average earnings index rose by a seasonally adjusted 0.9% in October, compared to expectations for a 0.8% increase, after rising by 0.8% in the previous month.
Following the release of the data, the pound added to gains against the U.S. dollar, with GBP/USD rising 0.48% to trade at 1.6340, compared to 1.6315 ahead of the data.
Meanwhile, European stock markets held on to gains. London’s FTSE 100 rose 0.35%, the EURO STOXX 50 inched up 0.5%, France’s CAC 40 added 0.5%, while Germany's DAX climbed 0.65%.
In a report, the U.K. Office for National Statistics said that the claimant count fell by a seasonally adjusted 36,700 last month, better than expectations for a decline of 35,000 people. October’s figure was revised to a drop of 42,800 people from a previously reported decline of 41,700.
The rate of unemployment ticked down to 7.4% in October from 7.6% in September. Analysts had expected the jobless rate to remain unchanged.
The Bank of England previously announced plans to keep interest rates on hold at record lows as long as the U.K. unemployment rate remains above 7%.
The report also said that the average earnings index rose by a seasonally adjusted 0.9% in October, compared to expectations for a 0.8% increase, after rising by 0.8% in the previous month.
Following the release of the data, the pound added to gains against the U.S. dollar, with GBP/USD rising 0.48% to trade at 1.6340, compared to 1.6315 ahead of the data.
Meanwhile, European stock markets held on to gains. London’s FTSE 100 rose 0.35%, the EURO STOXX 50 inched up 0.5%, France’s CAC 40 added 0.5%, while Germany's DAX climbed 0.65%.