UK Unemployment figures see unexpected fall

Unemployment claims within the UK took an unexpected downturn in October, giving indications that the labor markets are beginning to regain momentum, according to the Office for National Statistics today.

The decline represents the first significant positive change since July, with a reduction of 3,700 from September to 1.47 million. This comes in contrast to the median forecast taken from 23 economists which detailed a prospective rise of 6,000.

Over the quarter, unemployment measured by International Labour Organization methods, dropped by 9,000 to a figure of 2.45 million people. Prime Minister David Cameron is relying on private companies to keep creating work as his coalition government axes as many as half a million jobs to tackle the largest budget deficit since World War II.