June unemployment rise highest since 1992
The Office for National Statistics (ONS) released figures on Wednesday showing that unemployment in June rose at its highest pace since 1992.
Sprint expected to undercut rivals' call plansAccording to the ONS the number of people claiming unemployment benefits increased by 15,500 to 840,100 in June, the highest increase since 71,000 extra people signed up for benefits in December 1992.
Employers have been forced to cut jobs due to the deteriorating economic condition with inflation rising, consumer confidence falling and a credit crunch affecting the financial and housing sectors.
In July major housebuilders such as Barratt Developments and Persimmon and others announced significant job cuts in order to reduce costs. Hundreds and in some instances over 1,000 jobs were cut by the companies, although these have yet to be counted by the ONS.
The credit crunch had lead to tighter mortgage lending for houses, which in turn has reduced demand on houses and hurt the UK's major housebuilding firms.
- 1 Local private investors could miss an upturn
- 2 BoE expected to hold interest rates steady at 5 pct
- 3 Markets see ECB rates on hold through first half of yr
- 4 Fears of slowdown could veer China into trouble
- 5 BP Russian partners say row solved
- 6 U.S. corporates look to hedge as dollar rebounds
- 7 Utility windfall profits in tax spotlight
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- 1 June retail sales fall less than expected
- 2 Economic slump not as bad as the 90s
- 3 Lloyd's of London chairman calls for tax cuts
- 4 Utility windfall profits in tax spotlight
- 5 U.S. corporates look to hedge as dollar rebounds
- 6 Bank holds rates but cuts seen in 2009
- 7 Fears of slowdown could veer China into trouble
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