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U.K. Unemployment Drops to 7.1% as BOE Threshold Looms

U.K. unemployment fell more than economists forecast to the lowest rate in almost five years, putting it within touching distance of the 7 percent threshold at which Bank of England officials say they will review borrowing costs.

Unemployment measured by International Labour Organization methods declined to 7.1 percent in the three months through November from 7.4 percent in the quarter through October, the Office for National Statistics said in London today. The median forecast of 33 economists was for a decline to 7.3 percent. In December, jobless claims fell 24,000, less than economists had forecast.