Knowledge Centre
16th July 2008
UK unemployment levels rose at their quickest rate since 1992 in the three months to May, official figures show.
The number of UK residents out of work and on benefits rose by 12,000 over three months to 1.62 million in May, according to the Office for National Statistics.
The unemployment level for May is the highest in 10 months, and the figure does not include the thousands recently laid off by major home-building companies.
"If we're right on our mild recession call, then the unemployment rate will keep going up," Stewart Robertson, economist at Morley Fund Management, told Bloomsberg news.
Consumer price inflation <a href=Lopxmfehf.Dfousf]Cvtjoftt.Ofxt]3119.18.26]Jogmbujpo.sbuf.sjtft.up.4/9]758#?kvnqfe!up!4/9&!mbtu!npoui=0]a>, and the Bank of England has predicted that it will rise to more than 4.0% later this year.
Dr Andrew Sentance, from the Bank of England's Monetary Policy Committee, said that the challenge was now to "maintain the conditions of price stability which will support growth and employment over the long term."
"To do so, national monetary authorities would have to remain vigilant and not be distracted by short-term global cost pressures," he said, quoted by The Independent.
Rise in unemployment 'will continue'
The number of UK residents out of work and on benefits rose by 12,000 over three months to 1.62 million in May, according to the Office for National Statistics.
The unemployment level for May is the highest in 10 months, and the figure does not include the thousands recently laid off by major home-building companies.
"If we're right on our mild recession call, then the unemployment rate will keep going up," Stewart Robertson, economist at Morley Fund Management, told Bloomsberg news.
Consumer price inflation <a href=Lopxmfehf.Dfousf]Cvtjoftt.Ofxt]3119.18.26]Jogmbujpo.sbuf.sjtft.up.4/9]758#?kvnqfe!up!4/9&!mbtu!npoui=0]a>, and the Bank of England has predicted that it will rise to more than 4.0% later this year.
Dr Andrew Sentance, from the Bank of England's Monetary Policy Committee, said that the challenge was now to "maintain the conditions of price stability which will support growth and employment over the long term."
"To do so, national monetary authorities would have to remain vigilant and not be distracted by short-term global cost pressures," he said, quoted by The Independent.
Tags: Employment, Office
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