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UK unemployment rate drops to 7.1% UK unemployment rate drops to 7.1%
(35 minutes later)
The UK unemployment rate has dropped to 7.1%, close to the point at which the Bank of England has said it will consider raising interest rates.The UK unemployment rate has dropped to 7.1%, close to the point at which the Bank of England has said it will consider raising interest rates.
The number of people out of work fell by 167,000 to 2.32 million in the three months to November, the Office for National Statistics (ONS) said.The number of people out of work fell by 167,000 to 2.32 million in the three months to November, the Office for National Statistics (ONS) said.
The ONS also said the number of people claiming Jobseeker's Allowance fell by 24,000 to 1.25 million in December.The ONS also said the number of people claiming Jobseeker's Allowance fell by 24,000 to 1.25 million in December.
The Bank will consider increasing rates from 0.5% when unemployment hits 7%.The Bank will consider increasing rates from 0.5% when unemployment hits 7%.
The drop in the number of people out of work was bigger than analysts had expected, raising the possibility that interest rates may rise sooner than previously thought.The drop in the number of people out of work was bigger than analysts had expected, raising the possibility that interest rates may rise sooner than previously thought.
The strong jobs figures pushed up the value of the pound, which rose 0.4% against the dollar to $1.6541 and 0.5% against the euro to 1.2214 euros.The strong jobs figures pushed up the value of the pound, which rose 0.4% against the dollar to $1.6541 and 0.5% against the euro to 1.2214 euros.
Many analysts had not expected the unemployment rate to hit 7% until much later this year, and the significant fall in the three months to November has led many to reassess their forecasts. 'Record breaking'
The fall of 167,000 was the biggest drop since the autumn of 1997.
"Creating jobs and getting people into employment are central to our economic plan to build a stronger, more competitive economy, so it is very encouraging news that we've seen a record-breaking rise in employment over the last three months," said Employment Minister Esther McVey.
Many analysts had not expected the unemployment rate to hit 7% until much later this year, and the significant fall in the three months to November is likely to mean many will reassess their forecasts.
But the latest minutes from this month's meeting of the Bank of England's Monetary Policy Committee, also published on Wednesday, indicated that the Bank is in no rush to raise rates.But the latest minutes from this month's meeting of the Bank of England's Monetary Policy Committee, also published on Wednesday, indicated that the Bank is in no rush to raise rates.
Given that inflation had returned to the 2% target rate last month, and that "cost pressures were subdued... members therefore saw no immediate need to raise the Bank rate even if the 7% unemployment threshold were to be reached in the near future", the notes said.Given that inflation had returned to the 2% target rate last month, and that "cost pressures were subdued... members therefore saw no immediate need to raise the Bank rate even if the 7% unemployment threshold were to be reached in the near future", the notes said.
The latest figures from the ONS showed that the number of people in employment increased by 280,000 to reach 30.15 million.The latest figures from the ONS showed that the number of people in employment increased by 280,000 to reach 30.15 million.