A rise in the number of UK people claiming unemployment benefits rose by 9000 in May, the fourth monthly increase in a row.
This follows the figure of 11,200 in April, the biggest jump in two years. Economists who had expected a slightly lower figure of 8000 for May, predicted that the level would continue to rise in the coming months.
The governments own figures showed that unemployment had risen by 38,000 over the three months to April, taking the total to 1.643 million, or 5.3% of the UK workforce.
Experts expect the unemployment figures to rise further and faster as the economic slowdown progresses. On the bright side Phillip Shaw, chief economist at Investec predicts “That this should play a part in preventing interest rates from having to rise over the remainder of the year.”
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