Vaguer guidance in vogue as unemployment continues to confound
UK unemployment fell to 7.1% in the three months to November 2013 according to figures released today – the same day as the Bank of England (BoE) released the minutes of its most recent monetary policy committee (MPC) meeting, in which the committee agreed they "saw no immediate need to raise the bank rate even if the 7% unemployment threshold were to be reached in the near future".
The timing is fortuitous, as the unemployment rate is clearly so close to the threshold set out in forward
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