Bank of England: Unemployment Falling Faster than Expected

British unemployment appears to be falling slightly faster than forecast against a backdrop of stronger-than-expected growth, Bank of England policymakers concluded at their October rate-setting meeting.

The unemployment rate has dropped to 7.7 percent from 7.8 percent at the time the BoE made forecasts in August predicting it would take three years to fall to the 7 percent rate at which it will start to consider interest rate rises.

“It now therefore seemed probable that unemployment would be lower, and output growth faster, in the second half of 2013 than expected at the time of the August Inflation Report,” minute of the Monetary Policy Committee’s Oct. 8-9 discussion showed.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza