Wednesday 12 November 2008

Unemployment Reaches 11-year High

THE TELEGRAPH: Unemployment has risen to its highest level in 11 years, according to official figures.

The number of people out of work has climbed to 1.825 million - the most since November 1997, according to the Office for National Statistics.

An extra 140,000 people were out of work in the three months to September, pushing the unemployment rate up by 0.4 per cent to 5.8 per cent and prompting economists to predict that the jobless total would exceed 3 million as the economic downturn worsens.

The ONS also found that the number of people claiming Jobseeker's Allowance increased by 36,500 to 980,900 last month - the largest rise since 1992.

The figures came as further signs of the British economy's deterioration. Soon after, Mervyn King, the Governor of the Bank of England, announced that the country is entering a deeper recession that had previously been thought, suggesting more lay-offs will follow. >>> By Jon Swaine | November 12, 2008

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