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Post by bot on May 14, 2014 22:49:45 GMT -5
LONDON (MarketWatch) -- U.K. unemployment dropped to a five-year low of 6.8% in the three months to March, down from 6.9% in February and meeting analyst expectations. The Office for National Statistics said on Wednesday 2.21 million people were unemployed over January to March 2014, which was 133,000 fewer than for October to December 2013 and 309,000 fewer than a year earlier. Meanwhile, average wages rose by 1.7% in the first quarter year-on-year, which was slightly weaker than expected. The pound trimmed gains after the report and traded at $1.6832, up slightly from $1.6829 late Tuesday. The labor-market data come ahead of the closely watched May Inflation Report from the Bank of England, due at 10:30 a.m. in London, or 5:30 a.m. Eastern Time, which could shed light on the timing of its first rate hike.
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