Unemployment has fallen to its lowest level in nearly a year, figures from the Office of National Statistics (ONS) have revealed. The number of people seeking job seekers' allowance fell by 5,500 in December as employment increased to more than 29 million thanks to a 14,000-person boost. The latest unemployment figures show that the total number of people out of work currently stands at 1.67 million, a decrease of more than 29,000 from September. The decrease in unemployment and the noticeable increase in people in work will be good news for graduates, who were recently warned that they would face stiffer competition for jobs in the future as more people undertaken university degrees. Employment minister Jim Murphy said: "The latest figures provide a picture of a strong labour market - employment up, unemployment down and the numbers on benefits falling." In addition, the ONS revealed that average earnings remained stable throughout 2006, despite massive bonuses and wage increases in areas such as the banking and finance sector.
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