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Wednesday, January 22, 2014

Unemployment Falls To 7.1%

According to the Office for National Statistics UK unemployment has fallen to 7.1%, a more than four year low of 7.1%.

The number of people out of work fell by 167,000 to 2.32m in the three months to November, the largest quarterly decline since the autumn of 1997 and the second largest on since records began in 1971.

Despite the fall to close to the Bank of England's 7% threshold for considering raising rates, the Governor (Mark Carney) and the Monetary Policy Committee saw no immediate need to raise rates.

As per the Telegraph the MPC "saw no immediate need to raise bank rate even if the 7% unemployment threshold were to be reached in the near future” and that cost pressures remain “subdued” and headwinds to growth “would persist for some time”.

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