15th July 09: PPR - Unemplyment growing at fastest rate since 1971

 

“At 2.38 million, today’s data reflects the largest quarterly increase in unemployment on record. In fact, the comparable international unemployment measure shows UK unemployment now stands at 7.6 percent of the working population. This data is truly depressing and reflects the personal nightmare that the credit crunch is causing for many thousands of Britons.

 

“I see little cause for employment optimism looking forward into the summer and beyond, businesses are still failing daily and school leavers and graduates could not be coming into a more difficult job market. Hopes for a sustained recovery in the property market look fanciful when set against this kind of economic data trend.”

 

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