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.
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