U.K. unemployment falls to 7.7%, beats forecasts

LONDON (MarketWatch)
The unemployment rate in the U.K. fell to 7.7% in the period from May to July, down from a level of 7.8% in the months from February to April, the Office for National Statistics said Analysts had expected the rate to remain at 7.8%
The number of people in employment aged 16 and over jumped by 80,000, bringing the total working labor force to 29.84 million people
In the three-month period to July total pay rose 1.1% compared with a year earlier
The U.K. unemployment rate has been closely watched by investors recently after Bank of England Governor Mark Carney said the central bank will consider raising interest rates when unemployment drops below 7%