British unemployment soars

The number of people out of work in Britain rose by 210,000 over the three months to the end of July.

The increase brings the total number of unemployed to 2.47m, with the rate of unemployment increasing to 7.9% over the three months.

Alongside the growth in unemployment, the number of job vacancies decreased 12,000 between June and August. However, the level of redundancies also shrank to 246,000 people, a drop of 55,000 over the three months to the end of July.

The figures suggests that the labour market is yet to see the impact from other positive signs of potential economic recovery. They are unlikely to come as a big surprise to many market commentators, however, as the labour market tends to lag other indicators.


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