U.K. Unemployment Rose the Most Since 1992 in July
August 13th, 2008Via: Bloomberg:
U.K. unemployment rose the most in almost 16 years in July and wage growth slowed as the deepening economic slowdown drove companies to cut jobs and hold down pay.
Claims for jobless benefits climbed 20,100 from June to 864,700, the biggest increase since December 1992, the Office for National Statistics said today in London. Economists predicted an increase of 17,000, according to the median of 31 forecasts in a Bloomberg News survey. Incomes rose the least in five years in the second quarter.
Higher unemployment may prompt consumers to curtail spending and exacerbate the worst housing market slump since the early 1990s. Bank of England Governor Mervyn King, who presents the quarterly forecasts of his Monetary Policy Committee today, has little scope to keep the economy growing after inflation accelerated to more than double the government target in July.
