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UK Unemployment Rate Drops to 7.7 Percent Putting Pressure on BoE

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The rate of unemployment in the UK dropped to 7.7% between May and July from 7.8% in the previous three months.

The governor of the Bank of England, Mark Carney, has said that interest rates are unlikely to be raised before the rate falls to 7%.

The number of people unemployed fell 24,000 in the period to 2.487 million.

The official figures also showed the number of people claiming Jobseeker’s Allowance fell 32,600 to 1.402 million, its lowest level since February 2009.

However, the number of people in part-time work rose to 1.45 million, the highest since records began in 1992 and double the number of five years ago.

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

@alfonso_forex

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