Unemployment continues to fall

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Unemployment continues to fall

The number of people out of work fell by 21,000 to 1,459,000 in the final quarter of 2003, marking a fresh two-and-a-half year low.

The ONS also reported that the UK jobless rate inched lower to 4.9 per cent, the lowest record since records began in 1984.

Meanwhile, the number of people claiming unemployment benefit in January fell by 13,400 to 892,100, the lowest level for almost 30 years.

However, growth in earnings only increased by 3.4 per cent in the final quarter of 2003, down from 3.5 per cent in the previous three months.

But economist Howard Archer of Global Insight said the UK labour market was in robust shape.

"The current strength in economic activity, and relatively healthy outlook, suggests that the labour market will tighten modestly further over the coming months," he said, according to BBC News Online.

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