Britain’s unemployment rate falls to 5.3%

Britain’s unemployment rate fell to its lowest level since early 2008 but earnings grew more slowly than expected, showing why the Bank of England is in no hurry to raise interest rates.

Britain’s unemployment rate dipped to 5.3% in the third quarter, its lowest level since the three months to April 2008, before the financial crisis hammered the economy.

The UK rate compares with a 9.3% jobless rate here, which Taoiseach Enda Kenny has described as still too high. It is down from a peak of over 15% in early 2012.