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Thousands less unemployed

17 Oct 2007

Thousands less unemployed The unemployment rate was down this month meaning thousands more have jobs.

New figures from the Office of National Statistics show that the rate of unemployment was down 5.4 per cent in the quarter from August.

This drop compares with the previous quarter and translates as 5,000 less unemployed people.

It is a two and a half year low for the rate, with unemployment benefits claims also falling by 12,800 from August.

Peter Newland, an economist at Lehman Brothers Holdings Inc, told Bloomberg.com: "There's been very healthy employment growth, and that looks like it should continue. We see rates on hold for the rest of the year."

The number of people in employment was up 12,000 to 21.67 in the three months up to August from the previous quarter.

News of a drop in unemployment accompanies a report by Alliance and Leicester showing that 43 per cent of young people between the age of 16 and 21 are put off going to university by the prospect of debts, favouring working straight away.

One in seven people of this age said that attaining a degree was not necessary for their chosen career.

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