UK Jobless Falls to Three Year Low

The number of unemployed people in the UK fell by 48,000 to 2.47 million between July and September, the Office for National Statistics has said.

The unemployment rate fell to 7.6%, the lowest rate in more than three years.

The Bank of England has said it will not consider raising interest rates from their record low of 0.5% until the unemployment rate falls to 7%.

The number of people claiming Jobseeker’s Allowance fell by 41,700 to 1.31 million in October.

Youth unemployment also showed signs of improvement, with the number of jobless 16-to-24 year-olds falling by 9,000 to 965,000.

Prime Minister David Cameron said: “There are now 1.1 million more people in work since the election – more proof our long-term plan for Britain is working.”

But Rachel Reeves MP, shadow secretary of state for work and pensions, said: “On average, working people are more than £1,600 a year worse off under this out-of-touch government.”

via BBC

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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