UK unemployment rate drops to 6%; Forecast: 6.1%

The UK’s unemployment rate dropped to 6% in the three months to August, the lowest since October 2008, according to the Office for National Statistics (ONS).

Consensus had been expecting a smaller drop to 6.1% from the previous month’s tally of 6.2%.

The claimant count dropped by 18,600 (consensus: -35,000).

Average weekly earnings, excluding bonuses, rose by 0.9% in the three years to August and when compared to a year ago. That was better than the 0.8% rise which was forecast by economists.

As of 09:37 cable was 0.10% higher in reaction to the data, changing hands at 1.5904, after spiking as high as 1.5940 immediately after the release of the above figures.