More unimpressive news out of the UK, this time on the unemployment front.
These tweets capture the problems.
UK unemployment worsens +70k = fastest >1yr, driving rate up = 7.9%. Pound drops -.03% vs $
— Caroline Hyde (@CarolineHydeTV) April 17, 2013
UK workers getting squeezed more and more. Average earnings growth ex-bonuses falls to 1%, the lowest in over a decade.
— Jamie McGeever (@ReutersJamie) April 17, 2013
The UK’s weak economy is a big story for multiple reasons.
One is it’s seen as a test for austerity.
It’s also going to be a challenge for incoming Bank of England chief Mark Carney, who will certainly have his work cut out for him.