UK labour statistics are out and they’re encouraging for the region.
The unemployment rate for the period from June to August was 7.7%, which was in line with economists’ forecasts.
However, those filing for unemployment claims in September plunged by 41,700, this was a sharper decline than the 25,000 expected. According to Bloomberg, this is the biggest drop since June 1997.
Here’s a look at how the British pound spiked against the dollar after the news.