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UK unemployment falls by 61,000 UK unemployment falls by 61,000
(10 minutes later)
UK unemployment fell by 61,000 to 1.61 million in the three months to the end of December, government figures show.UK unemployment fell by 61,000 to 1.61 million in the three months to the end of December, government figures show.
The Office for National Statistics (ONS) also said the number of people claiming jobseeker's allowance in January fell by 10,800 to 794,600.The Office for National Statistics (ONS) also said the number of people claiming jobseeker's allowance in January fell by 10,800 to 794,600.
Average earnings growth rose by 3.8% in the year to the end of December.Average earnings growth rose by 3.8% in the year to the end of December.
The figures come amid signs that the UK economy is slowing down, and after the Bank of England recently cut its main interest rate to 5.25% from 5.5%.The figures come amid signs that the UK economy is slowing down, and after the Bank of England recently cut its main interest rate to 5.25% from 5.5%.
Time lag
Economists noted that any economic downturn takes time to be reflected in the official figures:
"The data shows the slowing economy hasn't yet affected the labour market. It normally takes about six months to feed through," said Vicky Redwood, an economist at Capital Economics.
"The Bank of England will be comforted by the fact that pay growth is subdued. But inflation is set to rise sharply and could have a knock-on effect on wage demands," she added.
The Bank of England's interest rate-setting Monetary Policy Committee (MPC) is tasked by the government to meet the inflation target of 2%.
Figures released on Tuesday showed that rising food and petrol prices pushed up UK inflation in January, with Consumer Prices Index (CPI) inflation rising to 2.2% from 2.1% in December.