UK EMPLOYMENT - The good times are still rolling

The UK's unemployment rate continues to confound expectations.

The headline rate of those out of work fell to 5.2% for October, according to the Office for National Statistics.

Analysts expected the unemployment rate for October, which takes the average of that month and the two that preceded it, to come in at 5.3%, the same as September.

September's figure was better than the flat 5.4% economists had expected. And August's 5.4% figure was below analysts forecasts of 5.5%.

Unemployment just can't stop falling and at a much faster rate than economists expect.

The number of people in employment increased by 207,000 to reach 31.30 million and the number of unemployed people fell by 110,000 to reach 1.71 million.

Unemployment has been falling steadily for the past five years in Britain and the US, even while it remains stubbornly high in Europe.

The UK is more or less at full employment - the economic term for where everyone who can get a job in a functioning economy has one.

The current employment rate is 73.9%, the highest since records began in 1971.

That's great for now. The only worrying thing is it means things can only get worse ...

There are downsides to the jobs market right now too. Figures also out Wednesday show pay is growing slower than forecast.

Here's the other data on employment and pay we got on Wednesday:

• Average earnings increased by 2.4%, against forecasts of a 2.5% rise;
• Average earnings excluding bonus up by 2%, against expectations of 2.3% rise;
• Unemployment claimant count up 3,900, versus forecasts of a 2,000 change.

NOW WATCH: JIM CRAMER: This is where you should invest your first $10,000

Please enable Javascript to watch this video