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Wednesday, 14 March 2012

Unemployment rate reaches 8.4%

Unemployment is now running at 8.4% which is 0.1% higher than the previous month.  The unemployment rate one year ago was 7.8%.  This rise is not as bad as many had expected following the credit crunch where predictions of 3m unemployed seemed to be taken as inevitable.  The figures are no doubt due to mixed fortunes in the different sectors of the economy.  There have been large cuts in the public sector but some industries have been doing quite well, such as manufacturing. 

The low interest rates have kept a lid on any real sudden loss of confidence but there are still many risks for UK plc. Of course, as usual, there are large regional differences with areas such as the North East under pressure due to a shrinking public sector.

However it is worth putting it in perspective when compared with some of our European partners. 
Greece - 23%, Spain 19%,  France 9.4%

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