New data revealed on Tuesday that unemployment has reached its lowest rate since the three month period to January 1975.
The Office for National Statistics said that the unemployment rate has reached a historic low of 3.8%.
Meanwhile, the number of people in employment grew by 24,000 to 32.80 million in the three months to October 2019, compared with the previous quarter.
Indeed, the employment rate reached a record high of 76.2%, the Office for National Statistics revealed.
Over recent months, the growing economic uncertainty has been linked to the UK’s chaotic attempts at departing from the European Union, which has now been postponed yet again until the end of January.
Last week’s general election saw the Conservatives win a majority of 80 seats.
“The fall in the number of unemployed people was driven by women, whose unemployment reduced by 18,000 to 566,000. On a year-on-year basis, the number of unemployed women reduced by 64,000. The number of unemployed men increased by 4,000 to 715,000 on the quarter but reduced by 29,000 in the year to October,” the Office for National Statistics said in its report.
Indeed, the Office for National Statistics said that the three months to October saw the lowest unemployment rate for women, coming in at 3.5%. The unemployment rate among men was largely unchanged at 4%, the Office for National Statistics said.
The GBP/USD is below 1.3200 following the release of the mixed UK jobs data.
“GBPUSD opened around 1.3330/40, but moved quickly below 1.3300, with pain kicking in. It eventually buckled to low as 1.3236 before reverting to 1.3300. Still, selling pressure has remained as focus shifts back to the increasing prospects of a hard or a cliff-edge Brexit to which the odds have gone up considerably after this morning’s headlines,” Stephen Innes, APAC market strategist at AxiTrader, provided an analysis.
With the election out of the way, UK politics can turn its attention back to Brexit, and the famous question occurs yet again – deal or no deal?