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Unemployment drops to 7.7%

Unemployment has dropped by 0.1% to 7.7% between May and July. The Bank of England said interest rates are unlikely to be raised before it falls to 7%. But the number of part-time workers has risen to a record 1.45 million.

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Unemployment edges closer to key 7% mark

Mark Carney said interest rates would remain at 0.5% until unemployment fell to 7%. Credit: PA

Today's 7.7% unemployment figure edges slightly closer to the 7% mark at which Bank of England governor Mark Carney said he would consider a rise in interest rates.

The 80,000 jobs added between May and July chips away at the 750,000 new positions thought to be needed to trigger a rates rise.

Mr Carney's forward guidance was issued in an attempt to provide a level of certainty to markets.

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