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UK's jobless rate falls further | UK's jobless rate falls further |
(about 4 hours later) | |
The UK saw unemployment fall by 23,000 to reach 1.69 million in the three months to December 2006. | The UK saw unemployment fall by 23,000 to reach 1.69 million in the three months to December 2006. |
The fall put the unemployment rate at 5.5%, according to the Office for National Statistics (ONS). | |
The number of people claiming unemployment benefit fell by 13,500 in January to reach 925,800. | The number of people claiming unemployment benefit fell by 13,500 in January to reach 925,800. |
Average earnings rose by 4% in the year to December - which was less than expected - marking a 0.1% decline on November. | Average earnings rose by 4% in the year to December - which was less than expected - marking a 0.1% decline on November. |
'Low point' | 'Low point' |
The pay figures should be welcome news to policymakers, who have been worried over the impact of higher wages on inflation. | The pay figures should be welcome news to policymakers, who have been worried over the impact of higher wages on inflation. |
Wage growth in private companies dropped 0.2% to 4.1%, while the public sector's 3.2% rate was unchanged. | Wage growth in private companies dropped 0.2% to 4.1%, while the public sector's 3.2% rate was unchanged. |
The latest figures, which included a 51,000 rise in those in work for the three-month period, mean the total number of people in employment has reached a record 29.04 million - the highest since records began in 1971. | The latest figures, which included a 51,000 rise in those in work for the three-month period, mean the total number of people in employment has reached a record 29.04 million - the highest since records began in 1971. |
The drop in those claiming benefits was the largest since May 2004. | The drop in those claiming benefits was the largest since May 2004. |
"The labour market is slowly tightening again, with the claimant count down for a third successive month and vacancies at their highest level since May 2005," said Geoffrey Dicks, an economist at RBS. | "The labour market is slowly tightening again, with the claimant count down for a third successive month and vacancies at their highest level since May 2005," said Geoffrey Dicks, an economist at RBS. |
"Yet earnings remain remarkably well behaved." | "Yet earnings remain remarkably well behaved." |
However, he warned that this could be the "low point, since higher wage settlements will click in January". | However, he warned that this could be the "low point, since higher wage settlements will click in January". |
The figures come a day after data showed that UK inflation had slowed more than expected in January to reach 2.7%. | The figures come a day after data showed that UK inflation had slowed more than expected in January to reach 2.7%. |
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