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Rate Cut In Doubt As Unemployment FallsThe number of people claiming unemployment benefit fell to its lowest level for more than 30 years, while British average earnings unexpectedly rose in the three months to November. Figures from the Office for National Statistics (ONS) show that average earnings growth, including bonuses, remained steady at 4 per cent, defying expectations of a fall to 3.9 per cent. The data, which follow yesterday’s figures showing that consumer price inflation remains unchanged at 2.1 per cent, add to the case for the Bank of Englands Monetary Policy Committee to keep interest rates on hold. The figures show that the effects of the credit crunch – already felt in weaker consumer spending – have yet to feed through to other areas of the economy. Resilience was evident in jobless figures released simultaneously by the ONS, in which the number of people claiming unemployment-related benefits has fallen for the 15th month in a row to a 32-year low of just over 800,000. &&&§ionName=Economics,mywindow,menubar=0,resizable=0,width=615,height=655); Related Links Factory gate inflation leaps to 16-year record Slowing economy is changing for better Banks make inflation battle the top priorityTotal unemployment, including people not eligible to claim the Jobseeker’s Allowance, also fell by 13,000 in the three months to November, to 1.65 million. Meanwhile, the number of people in work increased by 175,000 in the latest quarter to 29.3 million, the highest figure since records began in 1971. That rise marked the biggest quarterly increase in employment for a decade, the ONS said. Tag CloudExternal InformationAdditional InformationHouse Votes to Tighten Reins on Fannie Mae and Freddie Mac...Europe Cool to Apple’s Suggestions on Music... Ping: The Silver Lining to Impending Doom... China Life I.P.O. Price Is in Low Range... Where Am I?News Main Page - Business - Rate Cut In Doubt As Unemployment Falls |
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