UK unemployment has fallen below the 2 million mark for the first time since the global financial system
was on the brink of collapse six years ago. In a pre-election boost to the UK government, the number of
unemployed people fell to 1.97 million between June and August, the lowest level since late 2008 when the US
investment bank Lehman Brothers imploded and Britain was in the early stages of recession. The jobless rate fell
to 6% in the three months to August, from 6.2% in the quarter to July. It was the lowest rate since late 2008. The
employment rate rose to 73%, a level last seen in spring 2008 and close to the all-time high of 73.2%.
Simon Walker, the director general of the Institute of Directors, said falling unemployment was testament to the
“fortitude of British business”. It was not enough to cheer investors however, with the FTSE 100 closing down 181
points or 2.8% at 6,211 – the biggest one-day fall since June 2013. Weak US data, the looming threat of Ebola and
geopolitical tensions contributed to the fall. In New York the Dow Jones index closed down more than 170 points.
Despite the rise in UK employment, pay growth remained sluggish at 0.7% between June and August
compared with a year earlier, prolonging the fall in real pay as wage growth continued to lag behind CPI inflation
which was 1.5% in August and 1.2% in September. It was, however, a slight improvement on the 0.6% pay
growth between May and July. Pay growth excluding bonuses was 0.9%, up from 0.8%.
Jo Swinson, the employment relations minister, said she had asked the Low Pay Commission to explore how
to increase national minimum wage without having an adverse impact on jobs. Economists said the Bank of
England would delay raising interest rates – on hold at 0.5% since March 2009 – amid weak wage growth, low
inflation and a flagging eurozone economy. Philip Shaw at Investec said the Bank was unlikely to raise rates
before August 2015. 【題組】7. According to Mr. Walker, why could not the lowered jobless rate cheer the investors?
(A) The wage growth continued to lag behind CPI inflation.
(B) UK unemployment rate was not lower than 6%.
(C) Britain was in the late stages of recession.
(D) The international situation was not ideal.
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