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By William Schomberg and Ana Nicolaci da Costa LONDON (Reuters) - Britain's unemployment rate fell more than expected and pay growth caught up with inflation for the first time in nearly four years. Sterling jumped and government debt prices fell after official statistics showed the unemployment rate sank to a five-year low of 6.9 percent in the three months to February, down from 7.2 percent in the three months to January. That was below the 7 percent level originally set by the Bank of England for considering an increase in interest rates. The Bank has since given fresh guidance about when it might start to tighten monetary conditions.
Moscow (AFP) - Russia's economy shrank by 0.5 percent in the first quarter of 2014 from output in the final quarter of 2013, a minister said on Wednesday in comments highlighting the risk of a recession due to the standoff in Ukraine.