Unemployment fell sharply again in Britain in the three months to October but growth in earnings remained steady, official data showed today.
The Office for National Statistics said that the Labour Force Survey measure of joblessness showed a drop of 33,000 in the three months to October to 1.47 million, or 5 per cent of the workforce.
The drop was the biggest since the second quarter of the year and shows the continuing strength of the British labour market, especially in comparison to the country's European neighbours.
The 1.47 million was also the lowest total since the April to June period and is not far above the all-time low of 1.43 million seen during 2001.
Financial market reaction was generally muted although interest rate futures fell back, spooked by further evidence of a tightening labour market and news that one member of the Bank of England's Monetary Policy Committee had voted for another interest rate rise earlier this month.
The pound nudged higher on the continuing signs of strength in the world's fourth largest economy and was trading at $1.754 on the foreign exchanges.
There was also good news from the employment side as the number of Britons in work again set an all-time high of 28.17 million in the three months to October, a rise of 37,000 on the previous three months.