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U.K. jobless claims fall by 27,400; Unemployment rate dips to 6.6%

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Investing.com -

Investing.com - The number of people claiming unemployment benefits in the U.K. declined more-than-expected in May, while the country's jobless rate fell to the lowest level since January 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 27,400 last month, compared to expectations for a decline of 25,000 people. April's figure was revised to a drop of 28,400 people from a previously reported decline of 25,100.

The report also showed that the rate of unemployment declined to 6.6% in the three months to April from 6.8% in the three months to March, compared to expectations for a decline to 6.7%.

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%.

Meanwhile, the average earnings index rose by a seasonally adjusted 0.7% in the three months to April, compared to expectations for a 1.2% increase, after rising by 1.9% in the three months to March.

Following the release of the data, the pound turned higher against the U.S. dollar, with GBP/USD rising 0.08% to trade at 1.6770, compared to 1.6753 ahead of the data.

Meanwhile, European stock markets remained lower. London's FTSE 100 shed 0.3%, the Euro Stoxx 50 inched down 0.2%, France's CAC 40 dipped 0.4%, while Germany's DAX slumped 0.4%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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