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| UK jobless total falls by 48,000 and rate drops to 7.6% | UK jobless total falls by 48,000 and rate drops to 7.6% |
| (35 minutes later) | |
| The number of unemployed people in the UK fell by 48,000 to 2.47 million between July and September, the Office for National Statistics has said. | The number of unemployed people in the UK fell by 48,000 to 2.47 million between July and September, the Office for National Statistics has said. |
| The unemployment rate fell to 7.6%, the lowest rate in more than three years. | The unemployment rate fell to 7.6%, the lowest rate in more than three years. |
| The Bank of England has said it will not consider raising interest rates from their record low of 0.5% until the unemployment rate falls to 7%. | |
| The number of people claiming Jobseeker's Allowance fell by 41,700 to 1.31 million in October. | The number of people claiming Jobseeker's Allowance fell by 41,700 to 1.31 million in October. |
| The percentage of 16-to-64 year-olds in employment rose to 71.8%, up 0.3 percentage points from April to June 2013 and up 0.6 from a year earlier. | |
| The number of people in work rose by 177,000 to 29.95 million, while total pay rose by 0.7% compared to the same three-month period in 2012, the ONS said. | |
| "The latest UK labour market figures continue to point to a robust and perhaps strengthening improvement," said David Tinsley. UK economist at BNP Paribas. | |
| The figures will be taken as an indication that the UK economy, which grew 0.8% in the third quarter, is continuing to recover. | |
| Jeremy Cook, chief economist at currency brokers, World First, said: "This latest figure will hearten those who believe that the UK economy has now turned a corner. As it stands, the UK is the strongest economy in the G10 and it certainly has momentum." | |
| On the financial markets, shares fell and the pound rose following the release of the jobs data, with investors speculating that the Bank of England may raise interest rates sooner than expected. | |
| In the summer, the Bank had said it did not expect the unemployment rate to reach 7% until 2016. |