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Flourishing UK jobs market sees unemployment drop to pre-crisis rates

UK unemployment rate drops close to decade-low in quarter to October, though pay growth disappoints

London, Monday 10th October: Unemployed youngsters from across the UK line-up outside of Job Centre, Denmark Street, Central London on Monday 10th October ready to take part in the ‘Walk for Work’ to Westminster to raise awareness of million young people unemployed, led by Joseph Hayat and Hafsah Ali for their Battlefront campaign

The jobless rate dropped to 5.2pc, from 5.5pc in the quarter to July

UK unemployment returned to pre-crisis rates in the quarter to October, in another milestone for the recovery that underscored the strength of Britain’s booming jobs market.

However, wage growth disappointed, and a sharp decline in earnings growth over the period suggested that interest rates would remain at a record low of 0.5pc for longer.

The unemployment rate dropped to 5.2pc between August and October, from 5.5pc in the quarter to July.

This is the lowest rate since the three months to January 2006, according to the Office for National Statistics (ONS), and equals the pre-crisis trough between the end of 2007 and the start of 2008.

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