UK unemployment falls, bolstering pound

<p>UK unemployment has fallen in the biggest quarterly joblessness slide since 2001.</p>

UK unemployment has fallen again, with this news serving to bolster the pound in forex trading this morning (December 12th).

According to the Office for National Statistics, the number of people looking for work between August and October 2012 fell by 82,000 to 2.5 million, which is the biggest quarterly slide in joblessness since 2001.

The unemployment rate was 7.8 per cent – which is a drop of 0.2 percentage points from the previous three-month period.

Total pay also rose by 1.8 per cent year on year, while employment rose by 40,000 to 29.6 million – which is the highest figure since records began back in 1971.

Speaking to BBC News, minister for work and pensions Mark Hoban remarked: "We see more people looking for work and actually finding work, so I think there's a really strong labour market there."

At 11:40 GMT, the pound advanced by 0.1 per cent in trading with the dollar to £1 buying $1.614, while it made marginal gains against the euro to €1.239.

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