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| UK unemployment rate falls to 6.8% | UK unemployment rate falls to 6.8% |
| (35 minutes later) | |
| The number of people out of work in the UK fell by 133,000 to a fresh five-year low of 2.2 million in the three months to March, official figures show. | |
| The unemployment rate now stands at 6.8% of the workforce, the Office for National Statistics (ONS) said. | The unemployment rate now stands at 6.8% of the workforce, the Office for National Statistics (ONS) said. |
| The number of people in employment rose to 30.43 million, the highest since records began in 1971. | |
| Growth in average earnings was unchanged, with pay in the three months to March up 1.7% from a year earlier. | |
| The growth rate - which includes bonuses - was slower than analysts had expected. However, with the inflation rate at 1.6% in March - as measured by the Consumer Prices Index (CPI) - it means earnings rose faster than inflation for the first time in nearly six years. | |
| Excluding bonuses, earnings grew by 1.3% in the three months to March when compared with a year earlier. | |
| Youth unemployment down | |
| In all, 283,000 more people found work, which was the largest quarterly increase since records began in 1971. | In all, 283,000 more people found work, which was the largest quarterly increase since records began in 1971. |
| The increase was helped by a rise in the number of people working for themselves. Self-employment reached a record high of 4.5 million, with the number of people working for themselves jumping by 183,000 in the quarter to March, compared with a rise of 375,000 over the past year. | The increase was helped by a rise in the number of people working for themselves. Self-employment reached a record high of 4.5 million, with the number of people working for themselves jumping by 183,000 in the quarter to March, compared with a rise of 375,000 over the past year. |
| The number of people claiming Jobseeker's Allowance in April fell by 25,100 to 1.12 million. | The number of people claiming Jobseeker's Allowance in April fell by 25,100 to 1.12 million. |
| And the number of unemployed 16 to 24-year-olds fell by 48,000 to 868,000 - the lowest figure for five years. | And the number of unemployed 16 to 24-year-olds fell by 48,000 to 868,000 - the lowest figure for five years. |
| "As the recovery takes hold, more people are able to get a job or set up their own business and become the employers of tomorrow," said Minister for Employment Esther McVey. | "As the recovery takes hold, more people are able to get a job or set up their own business and become the employers of tomorrow," said Minister for Employment Esther McVey. |
| Prime Minister David Cameron tweeted: "There's more to do, but it's welcome unemployment is down again. More jobs means more financial security for people." | Prime Minister David Cameron tweeted: "There's more to do, but it's welcome unemployment is down again. More jobs means more financial security for people." |
| However, Jeremy Cook, chief economist at the currency company, World First, said the fact that average earnings were unchanged was disappointing. | However, Jeremy Cook, chief economist at the currency company, World First, said the fact that average earnings were unchanged was disappointing. |
| "[This] outweighs any positive sentiment coming from the fall in the overall rate of unemployment to 6.8%," he said. | "[This] outweighs any positive sentiment coming from the fall in the overall rate of unemployment to 6.8%," he said. |