UK Unemployment Falls To 7.7 Percent

UK Unemployment Lowers To 7.7 Percent

The UK’s unemployment has fallen to 7.7 percent, according to officials statistics. The news eases pressure on the Bank of England to inject additional money into the economy.

The country’s unemployment rate for the September-November period was down from 7.8 percent in the previous three months.

Chris Williamson, the chief economist at financial data company Markit, stated that vacancies are at a four-year high, reports Yahoo! News.

Because of this, Williamson predicts that the “perplexing situation of rising employment in a stagnant economy may continue into the new year.”

Minutes from the Bank of England’s Monetary Policy Committee’s January meeting showed that there was an 8-1 vote to hold the bond purchase, or quantitative easing, program at $595 billion for the time being.

The minutes also showed a discussion on the issue, suggesting the idea could soon change. Bank Governor Mervyn King stated in a Thursday speech, “Be in no doubt that we are ready to provide more stimulus if it is needed.”

The BBC notes that the Office for National Statistics (ONS) added that the number of people in work increased to 29.7 million. The ONS also saw a drop in the number of long-term unemployed. That number fell by 444,000 to 434,000. The number of those out of work for over a year also fell by 5,000 to 892,000.

The only bad news seen was a slight increase in youth unemployment for the first time since last summer. Mark Beatson, chief economist at the Chartered Institute of Personnel and Development, added, “It is employers’ interests to build their future skills base by recruiting the next generation of workers.”

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