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| UK unemployment rate drops to 7.7% | UK unemployment rate drops to 7.7% |
| (35 minutes later) | |
| The rate of unemployment in the UK dropped to 7.7% between May and July from 7.8% in the previous three months. | The rate of unemployment in the UK dropped to 7.7% between May and July from 7.8% in the previous three months. |
| The governor of the Bank of England, Mark Carney, has said that interest rates are unlikely to be raised before the rate falls to 7%. | |
| The number of people unemployed fell 24,000 in the period to 2.49 million. | The number of people unemployed fell 24,000 in the period to 2.49 million. |
| The official figures also showed the number of people claiming Jobseekers' Allowance fell 32,600 to 1.40 million, its lowest level since February 2009. | |
| "It's another set of impressive figures on the job market with positive signs on all three main indicators," said Victoria Clarke at Investec. | |
| "It suggests the jobs market is recovering, much like the broader economy." | |
| "It reinforces our view that unemployment will come down to 7% more quickly than the Bank of England expects." | |
| Mr Carney said he expected the fall to 7% to take at least three years. | |
| Average pay rose by 1.1% compared with the same time last year, which is well below the 2.8% rate at which prices are rising. |