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Jobs boost as FTSE waits Fed decision
by Gavin Lumsden on Dec 18, 2013 at 13:53
Economists were impressed with the employment figures, with the level of new jobs beating forecasts of 165,000 new vacancies. This lowered the unemployment rate to 7.4% from 7.6%, closer to the 7% threshold that Bank of England governor Mark Carney has set as one of the conditions for considering a rise in interest rates.
Azad Zangana, European economist at Schroders, said: 'The boost in employment should continue to drive the economy into 2014. The only thing missing from the chancellor’s wish list is a rise in real wages. The fall in the unemployment rate will also put the Bank of England under pressure, as it has promised to consider raising interest rates when the unemployment rate falls to its 7% threshold. This is clearly coming sooner than expected, and is now being reflected by markets.'
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