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News - 17 April 2014
Unemployment falls below Bank of England threshold for interest rate review
The Office for National Statistics (ONS) has announced that the number of people unemployed has fallen to a five-year low of 2.24m; just under 7% of the adult working population.
Standing at 6.9% this is the first time since the recession began in 2008 that unemployment has fallen below 7%. The jobless figure for 16 to 24-year-olds also fell in the three months to February to 881,000; the lowest figure for five years.
However, there are 1.42 million people working part-time who want to work full-time if they could find the work; 10,000 higher than a year ago.
The number of people who are self-employed rose to 4.5 million, the highest number for 22 years since records began.
At 6.9%, the unemployment rate has fallen below the ‘forward guidance’ threshold at which the Bank of England governor Mark Carney said he would consider raising interest rates. But the consensus of opinion is that it is still too soon to see any upward movement from the current historic low rate of 0.5%.
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Bank of England
Office of National Statisitics