Wednesday, Jul 15, 2009
UK unemployment hits 2.38 million
BBC: UK unemployment hits 2.38 million
"UK unemployment rose by a record 281,000 to 2.38 million, in the three months to May, the Office for National Statistics said.
The jobless rate increased to 7.6%, the highest in more than 10 years. "
Posted by phdinbubbles @ 09:51 AM (1520 views) Add Comment
17 Comments
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1. uncle tom said...
Despite that, the markets had expected worse - the FTSE is up by over 1%...
2. Brickormortis said...
Am I right in saying that if the government and banks started to reposess properties of defaulters more urgently that the UK economy would be fooooked?
3. Brickormortis said...
...more that it already is? And am I the only one to get the impression that people are buying houses again because they think there is money to be made short term adn also that loads of people think its business as usual and are still going to pile their money into property investment? Shouldn't the government be trying to initiate policies to prevent these people from emtying their cash into the property market.
I tell you, I don't think the UK has leasrned its lessoN!
4. mrflibble said...
So that's an extra 281,000 people that won't be helping the housing market recovery then - shame...
5. hpwatcher said...
Despite that, the markets had expected worse - the FTSE is up by over 1%...
It's amazing how some people will always see something good in even the worst of news....
6. Ftb Dave said...
FTSE rose for thid day in a row after Intel forecast sales topped analysts estimates in the US and also Rio Tinto expecting a recovery in steel demand in China. Unemployment, though bad news is already priced into expectations.
7. icarus said...
No mention here about the decline in hours worked by those still in jobs. I know that the US June employment stats showed the shedding of 465,000 jobs but those still in jobs worked on average 0.8 of an hour a week less. This loss of hours plus the loss of the 465k jobs equated to the shedding of 900,000 jobs in June.
8. ftb dave said...
FTSE is up for a third day in a row after Intel sales forecasts were better than analysts estimates last night and also Rio Tinto stated they expect a recovery in steel demand from China to continue. Unemployment is bad news but not a surprise to the market. Beating analysts estimates for demand and sales is now being priced into expectations.
9. Neil B said...
Lets all sing - "Things can only get better...."
10. uncle tom said...
One has to remember that while exports have suffered for countries like China, there is likely to be quite a pronounced rebound now.
I don't believe the actual consumption of Chinese made goods has fallen that much, but the inventories of the importers have been greatly slimmed, and as a result, new orders dried up for a while.
Despite that, China's economy has continued to grow, and as export orders resume; their economy is likely to get quite hot again, with a big and growing thirst for commodities. India is also likely to enjoy a similar rebound in the near future.
As the east booms, the west will continue to bust. With falling confidence in our currencies, everything we import is going to get much expensive...
11. nomad said...
"I don't believe the actual consumption of Chinese made goods has fallen that much"
Agreed UT, rock bottom IR in the west have provided a supply of spending money to buy their goods - but low IR won't last forever. China needs to encourage their internal markets with spending power - is there any sign of that happening?
12. mark wadsworth said...
BM, "Shouldn't the government be trying to initiate policies to prevent these people from emtying their cash into the property market"
Yes, it's called Land Value Tax, which ain't gonna happen until after there has been a huge great re-education programme and every single one-sided pseudo argument against it has been dealt with.
13. fubar said...
Does anyone else have a problem with the official unemployed statistics or is it absolutely above board? No manipulation downwards? I was looking for more info on the topic when I came across some interesting sites. This one for example (apologies if its been posted before); http://www.marketoracle.co.uk/Article9960.html With a nice graph;
I'm sure there are others and I know what a complicated issue it is. Are the latest round of graduates mixed in to the figures yet?
14. fubar said...
Sorry just realised that article is about the US. Silly silly silly. Ignore 13 - Should have gone to specsavers.
15. happy mondays said...
@ 12, Mark, can you explain land value tax please ? Me no understand .. but i definitely understand a re-educational programme which i agree with..
16. icarus said...
fubar - it's not without value. It does show how large the gap can be between official and unofficial counts.
17. a saver said...
Obviously all those people unemployed, it's bound to increase house prices, they will have so much time to go out and look at houses!