UK Jobless Claims Increased In February; Unemployment At 15-Year High

By David Schutz,

THE TAKEAWAY: UK unemployment remains at high levels -> jobless claims rise as labor market appears weak -> Cable unaffected

Jobless claims in the UK increased by 7,200 in February, the London-based office for national statistics said today. Economists had predicted a smaller rise of 5,000. Unemployment levels in the UK remained at 8.4%, the highest rate in over 15 years. Cable was relative unmoved by the news intraday

Today’s data comes at the current UK government led by David Cameron attempts to implement sweeping cuts in government spending to help jumpstart growth and avoid credit mishaps. The UK has shown positive economic signs recently; however, the labor market remains weak and some have said that further government spending is needed to spur job creation.
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Original Article: http://www.dailyfx.com/forex/market_alert/2012/03/14/UK_Jobless_Claims_Increased_in_February_Unemployment_at_15-Year_High.html

DailyFX is the forex news and research arm of FXCM (NYSE: FXCM), which provides currency trading and brokerage services and is an advertiser on TheStreet websites. Any opinions, news, research, analyses, prices, or other information is provided as general market commentary, and does not constitute investment advice. Dailyfx will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Currency trading involves significant risk of loss. Individual authors may hold positions in the currencies discussed in the article.