UK Unemployment Rate steadies at 4.2% in quarter to September vs. 4.2% expected

The United Kingdom’s (UK) ILO Unemployment Rate held steady at 4.2% in the quarter to September, the latest data published by the Office for National Statistics (ONS) showed Tuesday. The data matched market expectations of 4.2% in the September quarter.

Additional details showed that the number of people claiming jobless benefits climbed by 17.8K in September when compared to the previous jump of 20.4K.

The British Employment Change for September stood at -207K, compared with -82K recorded in August.

Average Earnings excluding Bonus in the UK rose 7.7% 3M YoY in September, as against a 7.8% increase registered in August. Markets had expected an increase of 7.7%. Another measure of wage inflation, Average Earnings including Bonus accelerated by 7.9%  in the reported period vs. an 8.2% increase in August and the 7.4% expected.

The UK Secretary of State for Work and Pensions, Mel Stride MP, told FXStreet: “We are leaving no stone unturned to help people into work, with a record number of employees on payrolls - up nearly 400,000 in the last year alone with 3.9 million more people in work than in 2010.”

“With our ambitious welfare reforms, including the expansion of free childcare and extra support for people with health conditions, we are taking long-term decisions that will grow the economy and change lives for the better,” Stride MP added.

GBP/USD reaction to the UK employment report

GBP/USD is picking up fresh bids but remains below 1.2300 after the mixed UK employment data. The pair is trading 0.08% higher on the day at 1.2286, as of writing.