UK Jobless Claims Increased in February; Unemployment at 15-Year High
THE TAKEAWAY: UK unemployment remains at high levels -> jobless claims rise as labor market appears weak -> Cable unaffected
Jobless claims in the UK increased by 7,200 in February, the London-based office for national statistics said today. Economists had predicted a smaller rise of 5,000. Unemployment levels in the UK remained at 8.4%, the highest rate in over 15 years. Cable was relative unmoved by the news intraday
Today’s data comes at the current UK government led by David Cameron attempts to implement sweeping cuts in government spending to help jumpstart growth and avoid credit mishaps. The UK has shown positive economic signs recently; however, the labor market remains weak and some have said that further government spending is needed to spur job creation.
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