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UK unemployment falls by 167,000

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Current government includes LibDems Nick Clegg and Vince Cable

Unemployment has fallen to 7.1% according to figures released by the Office of National Statistics. The fall raises further questions about whether the Bank of England will move interest rates following previous comments by its governor, Mark Carney, that the may rise when employment hits 7%.

In a statement the Office said that:

– The percentage of people aged from 16 to 64 who were in work (the employment rate) was 72.1%. The employment rate is up 0.5 percentage points from June to August 2013 and up 0.7 from a year earlier. There were 30.15 million people in employment aged 16 and over, up 280,000 from June to August 2013 and up 450,000 from a year earlier.

– The percentage of the economically active population aged 16 and over who were unemployed (the unemployment rate) was 7.1%. The unemployment rate is down 0.5 percentage points from June to August 2013 and down 0.6 from a year earlier. There were 2.32 million unemployed people aged 16 and over, down 167,000 from June to August 2013 and down 172,000 from a year earlier.

– The percentage of people aged from 16 to 64 who were economically inactive (the economic inactivity rate) was 22.2%. The inactivity rate is down 0.1 percentage points from June to August 2013 and down 0.2 percentage points from a year earlier. There were 8.93 million economically inactive people aged from 16 to 64, down 22,000 from June to August 2013 and down 75,000 from a year earlier.

– Total pay and regular pay both rose by 0.9% compared with September to November 2012.

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