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| UK unemployment rate at lowest since 2009 | UK unemployment rate at lowest since 2009 |
| (35 minutes later) | |
| The UK unemployment rate has fallen to its lowest level since 2009, official figures show. | The UK unemployment rate has fallen to its lowest level since 2009, official figures show. |
| At 7.4%, this is the lowest rate since the February-to-April period in 2009, the Office for National Statistics (ONS) said. | At 7.4%, this is the lowest rate since the February-to-April period in 2009, the Office for National Statistics (ONS) said. |
| This compares with a figure of 7.6% for the three months to September, and is below the rate analysts had expected. | This compares with a figure of 7.6% for the three months to September, and is below the rate analysts had expected. |
| The number of people out of work fell by 99,000 to 2.39 million in the three months to October, the ONS said. | The number of people out of work fell by 99,000 to 2.39 million in the three months to October, the ONS said. |
| The number of people claiming Jobseeker's Allowance in November fell by 36,700 to 1.27 million. | The number of people claiming Jobseeker's Allowance in November fell by 36,700 to 1.27 million. |
| Employment minister Esther McVey told the BBC: "When people said unemployment would rise, when they said there would be a double dip economy, that did not happen. The reverse has happened. | Employment minister Esther McVey told the BBC: "When people said unemployment would rise, when they said there would be a double dip economy, that did not happen. The reverse has happened. |
| "So it's tough, it's slow, but we're going in the right direction." | "So it's tough, it's slow, but we're going in the right direction." |
| In Northern Ireland the unemployment rate was slightly higher at 7.5%, while Scotland's figure was 7.1.%. England and Wales matched the national figure of 7.4%. | |
| The North East of England had the highest unemployment rate, at 10.1%, while the lowest rate was 5.6% in the East of England. | |
| The North East also had the highest claimant count rate at 6.1%, compared with the South East, which had the lowest, at 2.3%. | |
| Earnings pressure | Earnings pressure |
| Shadow employment minister Stephen Timms welcomed the fall in unemployment but said that "the cost of living crisis is continuing". | Shadow employment minister Stephen Timms welcomed the fall in unemployment but said that "the cost of living crisis is continuing". |
| Average weekly earnings growth, including bonuses, picked up by 0.9% in the three months to October compared with a year earlier, the ONS said, a slight improvement on the three months to September. | Average weekly earnings growth, including bonuses, picked up by 0.9% in the three months to October compared with a year earlier, the ONS said, a slight improvement on the three months to September. |
| Excluding bonuses, pay grew by 0.8%. | Excluding bonuses, pay grew by 0.8%. |
| But this is still well below the level of inflation - currently running at 2.1% - meaning that people's earnings are still falling in real terms. | But this is still well below the level of inflation - currently running at 2.1% - meaning that people's earnings are still falling in real terms. |
| "Pay went up by less than one percent over the past year but prices went up by more than 2%, so the average family is now £1,600 a year worse off than was the case at the election," said Mr Timms. | "Pay went up by less than one percent over the past year but prices went up by more than 2%, so the average family is now £1,600 a year worse off than was the case at the election," said Mr Timms. |
| The ONS data also showed that the number of people aged 16 and over who are in work was at a record high of 30.09 million, up 250,000 compared with the May-to-July period. | The ONS data also showed that the number of people aged 16 and over who are in work was at a record high of 30.09 million, up 250,000 compared with the May-to-July period. |
| The percentage of the workforce in the public sector - 18.8% of those in employment, or 5.7 million people - fell to its lowest rate since the current data series began in 1999. | The percentage of the workforce in the public sector - 18.8% of those in employment, or 5.7 million people - fell to its lowest rate since the current data series began in 1999. |
| 'Spectacular strength' | 'Spectacular strength' |
| Economists welcomed the latest jobs figures. | Economists welcomed the latest jobs figures. |
| David Tinsley, UK economist at BNP Paribas said the UK labour market was "showing spectacular strength". | David Tinsley, UK economist at BNP Paribas said the UK labour market was "showing spectacular strength". |
| David Kern, chief economist at the British Chambers of Commerce, said: "These are very strong labour market figures, which back our recent forecast of increased growth in the fourth quarter of this year." | David Kern, chief economist at the British Chambers of Commerce, said: "These are very strong labour market figures, which back our recent forecast of increased growth in the fourth quarter of this year." |
| And Chris Williamson, chief economist at Markit, said: "The official data are now confirming the upbeat signals from business surveys, which have shown the fastest rates of job creation since the late 1990s in recent months, as firms respond to a marked pick up in demand." | And Chris Williamson, chief economist at Markit, said: "The official data are now confirming the upbeat signals from business surveys, which have shown the fastest rates of job creation since the late 1990s in recent months, as firms respond to a marked pick up in demand." |
| 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 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%. |
| But even then, governor Mark Carney has said an interest rate increase is not guaranteed. | But even then, governor Mark Carney has said an interest rate increase is not guaranteed. |
| The pound jumped against both the dollar and euro after the release of the jobs figures, as expectations rose that UK rates could rise sooner than forecast | The pound jumped against both the dollar and euro after the release of the jobs figures, as expectations rose that UK rates could rise sooner than forecast |
| The Bank's nine-member Monetary Policy Committee (MPC) was unanimous in voting to keep interest rates on hold, minutes from its December meeting revealed, and to leave the central bank's £375bn programme of quantitative easing unchanged. | The Bank's nine-member Monetary Policy Committee (MPC) was unanimous in voting to keep interest rates on hold, minutes from its December meeting revealed, and to leave the central bank's £375bn programme of quantitative easing unchanged. |
| The MPC believes inflation could fall to its target level of 2% early in 2014, the minutes show, but it is concerned that sterling's recent 2% rise against other currencies could jeopardise the UK's economic recovery. | The MPC believes inflation could fall to its target level of 2% early in 2014, the minutes show, but it is concerned that sterling's recent 2% rise against other currencies could jeopardise the UK's economic recovery. |
| The UK grew by 0.8% in the third quarter of 2013, and the Bank is forecasting growth of 2.8% next year. | The UK grew by 0.8% in the third quarter of 2013, and the Bank is forecasting growth of 2.8% next year. |