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Unemployment falls to five-year low

Unemployment has fallen by 77,000 to 2.24 million in the three months to February, the lowest in five years, according to official figures.

In a data release on Wednesday, the Office for National Statistics (ONS) also said the headline rate of unemployment stands at 6.9 percent. It is the first instance since the recession that unemployment has fallen below 7%.

Additionally, the number of people claiming Jobseeker's Allowance fell by 30,400 to 1.14 million in March.

The jobless figure for 16 to 24-year-olds fell by 38,000 in the three months to February to 881,000; the lowest for five years. There was positive news on the earnings front as well, with average wages in the three months to February rising 1.7 percent on the year before.

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