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Unemployment rate stays at 7.8%

The overall unemployment rate in the UK has remained steady during October at 7.8 per cent.

The figures shows 12,900 people signed on for unemployment benefit last month, compared to 20,800 in September, the smallest rise in 18 months.

Caxton FX senior analyst Duncan Higgins says the unemployment figure did not follow market forecasts of a rise to 8.0 per cent.

He says: “The fact that the overall level of unemployment in the UK has potentially peaked marks a stark contrast with other leading economies where numbers are still on the rise.

“In both the eurozone and the US, data has recently shown an increase in the jobless rate with figures as high as 9.8 per cent and 10 per cent respectively. The comparison should ease concerns over the strength of Britain’s economic recovery.”

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