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U.K. Jobless Claims Surge the Most Since 1991 as the Economy Sank Deeper Into Recession
Wednesday, 17 December 2008 08:32:56 GMT
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Jobless claims in the U.K. surged 75.7K to 1.07 Million in November to reach its highest level since July 2000, while last month’s reading was revised higher to 51.8K from an initial reading of 36.5K. In addition, the ILO unemployment rate ticked higher to 6.0% from 5.8% in September as firms continued to cutback on employment as Europe’s second largest economy heads into a recession. The rapidly deteriorating state of the U.K. labor market paired with the considerable slowdown in the economy has raised fears that the U.K. could face a deep and prolong recession, the unemployment may rising sharply over the next two years.
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