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UK unemployment level falls to its lowest level in 11 years

29-11-2016

The unemployment rate fell to its lowest level for 11 years as firms shrugged off the UK’s vote to leave the EU.

The country’s jobless count fell by 37,000 to 1.6 million in the three months to September, according to the Office for National Statistics.

It reported an unemployment rate of 4.8% between July and September– a level last seen in the third quarter of 2005.

The Bank of England had forecast that unemployment is set to rise amid uncertainty over Brexit.

Average earnings increased by 2.3% in the year to October, unchanged on the previous month.

However, there was some evidence that hiring among firms was easing as the number of people in work rose by 49,000. That was the slowest increase since the first quarter of this year.

GKFX Financial Services chief market analyst James Hughes said: “Initial fear over what Brexit may mean may have caused a brief period of uncertainty in the markets, however today’s reading is the more the continued progression of an improving economy in the UK rather than a reaction to the referendum decision.

“We must still take this number for what it is and that is a strong reading in an ever-improving UK economy.”


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