UK unemployment has fallen by just 4,000, according to the Office for National Statistics.
Despite indicators that unemployment will continue to fall throughout 2013, the current rate of 7.8% (2.51 million) is still a long way from the target of 7% set by the Bank of England.
Kevin Green, CEO of the Recruitment and Employment Confederation , says: ‘The important indicators seem to be moving in the right direction. More jobs have been created and more people are in work.’
Mark Carney, governor of the Bank of England, says that interest rates are not likely to rise before the unemployment target is achieved – a policy applauded by Mr Green.
‘Mark Carney and the Bank of England’s move to tie monetary policy to unemployment levels recognises the importance of the labour market as an indicator of economic success. It is right that decisions around fiscal policy are not taken in isolation from people’s real life experiences of work.’
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