ONS highlights unemployment fall

The UK's Office for National Statistics (ONS) has identified a fall in the UK's unemployment levels.

According to data released by the ONS, the UK's unemployment levels dropped to 1.61 million over the course of a three month period up to the end of January 2008, reports the BBC.

The organisation also noted the presence, in January, of an increase - in annualised terms - in earnings of 3.7 per cent.

"Broadly speaking the labour market situation is consistent with trends in previous months," said Philip Shaw, chief economist at Investec, a banking group operating internationally.

"In particular average earnings growth remains very subdued despite high headline rates of inflation. The labour market is still not a threat."

The ONS also noted that, last month, the number of jobseeker's allowance recipients decreased by 2,800.

Investec was established as a South African leasing company in 1974.