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UK unemployment figures published on Wednesday showed that the number of people unemployed in the UK had fallen again, leaving the jobless rate at 7.8%. The Council of Mortgage Lenders (CML) said that unemployment had not been as bad as had been feared. Many workers had proved to be flexible, accepting pay cuts and part-time work. As [...] British unemployment hit 2.47 million in July, its highest level since 1994, as 210,000 more people lost their jobs. The number of people claiming jobseeker’s allowance rose by 24,400 to 1.61 million in August — the highest since May 1997 and the eighteenth monthly rise in a row, according to the Office for National Statistics (ONS). The [...] House prices will not return to the peak reached in autumn 2007 for at least another five years, according to Ernst & Young’s Item Club. The influential group’s gloomy forecast contradicts the increasingly optimistic outlook of the Government and some commentators that the British economy has begun a sustained recovery. The recent rise in property values is [...] Wall Street ticked higher in early trades as the latest report on jobless claims turned out to be better than expected and retail sales improved. The Dow Jones was up 62.13 points at 8,801.15 at midday in New York, the S&P; 500 was up 8.57 at 947.72, and the Nasdaq was up 11.48 at 1,864.56. A Labor [...] The US Government will take a 60 per cent stake in General Motors (GM) as the carmaker files for Chapter 11 bankruptcy protection today, officials of the Obama Administration revealed. President Obama said that the move would stop the company being broken up, as it prepared to make the world’s largest industrial bankruptcy filing. The United Auto [...] The UK’s Quarterly inflation report by the Bank Of England emphasising a slow and uncertain recovery. The inflation report is the first since the introduction of QE in March and the report was eagerly awaited to assess the inflation projections in the UK. Mr King was downbeat in his assessment of the UK economy [...] Kate Barker, the Bank of England Monetary Policy Committee member, was quoted today as saying it was right for banks to be cautious about lending in the face of rising unemployment and housing repossessions. In comments to a panel discussion on April 20, extracts of which were published on the “Mortgage Introducer” industry website, Ms Barker’s [...] Jobless numbers swell to the highest since Labour came to power in 1997 as 73,700 more people joined the dole queue. The number of people out of work rose by 177,000 to 2.1 million in the three months to February, official figures showed today, as Alistair Darling prepared to outline his “Budget for jobs.” New jobs data [...] German retail sales for February have fallen 0.2% against the consensus of a rise of 0.2% this morning reinforcing the weak sentiment in Germany. Yesterday we saw unemployment levels rise to 8.6% as the powerhouse of Europe comes under real pressure- this will heighten the cause for more action from the ECB tomorrow. Today, news from [...] UK unemployment last month jumped at the fastest pace since records began, driving the number of Britons without work to above 2 million for the first time since the Labour Government came to power in 1997. Figures from the Office of National Statistics released today show 138,400 people joined the dole last month, pushing the number [...] Registered Office in England, 24 Charlton Drive, GL53 8ES, UK- 3506015 • Data Protection Registration Number- PZ5407728
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