Investing.com - The number of people claiming unemployment benefits in the U.K. fell significantly more-than-expected in August, while the country’s jobless rate declined unexpectedly, 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 32,600 in August, better than expectations for a decline of 22,000 people.
The previous month’s figure was revised to a drop of 36,300 people from a previously reported decrease of 29,200.
The rate of unemployment fell to 7.7% in July from 7.8% in June.
The Bank of England announced plans last month 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 1% in July, in line with expectations, after rising by 1.1% in the previous month.
Following the release of the data, the pound added to gains against the U.S. dollar, with GBP/USD rising 0.5% to trade at 1.5810 .
Meanwhile, European stock markets were mixed in rangebound trade. London’s FTSE 100 eased down 0.2%, the EURO STOXX 50 shed 0.1%, France’s CAC 40 dipped 0.15%, while Germany's DAX added 0.4%.
In a report, the U.K. Office for National Statistics said that the claimant count fell by a seasonally adjusted 32,600 in August, better than expectations for a decline of 22,000 people.
The previous month’s figure was revised to a drop of 36,300 people from a previously reported decrease of 29,200.
The rate of unemployment fell to 7.7% in July from 7.8% in June.
The Bank of England announced plans last month 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 1% in July, in line with expectations, after rising by 1.1% in the previous month.
Following the release of the data, the pound added to gains against the U.S. dollar, with GBP/USD rising 0.5% to trade at 1.5810 .
Meanwhile, European stock markets were mixed in rangebound trade. London’s FTSE 100 eased down 0.2%, the EURO STOXX 50 shed 0.1%, France’s CAC 40 dipped 0.15%, while Germany's DAX added 0.4%.