Today’s bad dose of economic news comes from the UK, where the employment situation remains very bad.StockMarketWire:
The ONS reported today that the unemployment rate for the three months to June 2011 was 7.9 per cent of the economically active population, up 0.1 on the quarter.
The total number of unemployed people increased by 38,000 over the quarter to reach 2.49 million.
The number of people unemployed for up to six months increased by 66,000 over the quarter to reach 1.23 million. This is the largest quarterly increase in this series since the three months to June 2009.
Meanwhile, according to SkyNews, the unemployment rate for 16 to 24 year olds has jumped to 20.2%.