Unemployment in the United Kingdom continues to decline according to the latest data reported by the Office for National Statistics. For the month of November, unemployment dropped to 5.10% from October’s 5.20%, marking the fifth consecutive decline in the rate and the lowest jobless level since 2005. Wages, including bonuses, continued to experience decelerating growth, exhibiting slowing expansion over the same period at 2.00%, missing estimates of 2.10% and previous month’s 2.40% reading. Wages excluding bonuses rose to 1.90%, beating expectations of 1.80% but below the prior figure of 2.00%. Bank of England Governor Mark Carney stated that in order for the Central Bank to raise rates, policymakers need to see a pickup in wage growth above 3.00% a year. The Governor elaborated on the point, saying that recent figures indicate remaining slack in the labor sector. Following the announcement, EURGBP fell sharply, dropping to 0.7700.