Investing.com - The number of people claiming unemployment benefits in the U.K. declined more-than-expected in October, 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 41,700 last month, better than expectations for a decline of 35,000 people.
September’s figure was revised to a drop of 44,700 people from a previously reported decline of 41,700.
The rate of unemployment ticked down to 7.6% in September from 7.7% in August. 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 0.7% in September, in line with expectations, after rising by 0.8% in the previous month.
Following the release of the data, the pound turned higher against the U.S. dollar, with GBP/USD adding 0.11% to trade at 1.5921.
Meanwhile, European stock markets remained lower. London’s FTSE 100 fell 0.8%, the EURO STOXX 50 declined 0.35%, France’s CAC 40 dipped 0.3%, while Germany's DAX edged down 0.3%.
In a report, the U.K. Office for National Statistics said that the claimant count fell by a seasonally adjusted 41,700 last month, better than expectations for a decline of 35,000 people.
September’s figure was revised to a drop of 44,700 people from a previously reported decline of 41,700.
The rate of unemployment ticked down to 7.6% in September from 7.7% in August. 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 0.7% in September, in line with expectations, after rising by 0.8% in the previous month.
Following the release of the data, the pound turned higher against the U.S. dollar, with GBP/USD adding 0.11% to trade at 1.5921.
Meanwhile, European stock markets remained lower. London’s FTSE 100 fell 0.8%, the EURO STOXX 50 declined 0.35%, France’s CAC 40 dipped 0.3%, while Germany's DAX edged down 0.3%.