UK stats office notes that unemployment rate is largely unchanged at 4.2%

On the headline, it compares to their latest estimate here that the unemployment rate in September was 4.3%.

Meanwhile, the ONS says that it is revising the employment rate up by 0.1% to 74.6% in the period from April to June this year. Besides that, they are noting that new figures are showing that the overall employment level is now 313,000 above pre-pandemic levels. That is a contrast to the current data which suggests that the employment level is similar to that during the period just before the pandemic.

Considering the ONS is still struggling to get an accurate read of labour market statistics at the moment, I’d take these numbers with a pinch of salt. Statistical credibility once lost is something that is going to take a long time to mend. And until they fix their ongoing issues first, it’ll be tough to give the ONS the benefit of the doubt here.

This article was written by Justin Low at www.forexlive.com.