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Wednesday, 16 November 2011 18:27

U.K. Unemployment Climbs To Three-Year High, Increasing Pressure On Policy Makers To Boost Stimulus

U.K. unemployment climbed to the highest level in 15 years, supporting further expansion in the APF, especially after the drop in inflation from three-year high.

Jobless rate for the three months ended September rose to 8.3%, exceeding both analysts' forecasts and the previous readings of 8.1% and 8.2%, raising the number of people without jobs surged by 129,000 to 2.62 million to the sharpest rise since 2009.

The joblessness increased despite the improvement in third quarter figures which showed that the British economy expanded of 0.5% in the three months ended September, according to the GDP advanced reading, compared with the 0.1% expansion recorded in the second quarter.

The number of youth (from 16 to 24 years old) increased by 67,000 to 1.02 million.

It seems that the sharp spending cuts by the government to rein in the huge budget deficit had led to cut in growth and rise in unemployment.

On the upside, jobless claims retreated to 5.3 thousands in October to 1.6 million, below 13.4 thousands recorded in September and projections of 21.0 thousands, whereas claimant count rate came in at 5.3%, higher than forecasts of 5.1%, and 0.1% above September's reading.

The British pound continued its drop against the dollar after the news to trade around 1.5765 compared with the day's starting level of 1.5820.

Last week, the Confederation of British Industry (CBI) lowered growth projections for the U.K. to 0.9% and 1.2% this year and next from the prior forecasts of 1.3% and 2.2%.

The CBI said growth will reach 0.2% in the first quarter of 2012 after recording becoming flat in the last quarter of the current year.

Now, there is more pressure on officials to boost the stimulus further after adding 75 bilion pounds in October, especially as inflation rate slowed down to 5.0% in October, where King said inflation will retreat sharply in the coming six months or so, and continue its fall till it approaches the target by the end of 2012.

Later in the day, the latest growth and inflation forecasts will be under scrutiny with the release of the BoE's quarterly inflation report.

Still, the main concentration is on the latest developments from the euro area amid the rise in Italian and Spanish bond yields seen yesterday.

However, some of the tensions eased with the intervention by the ECB, which bought Italian and Spanish bonds, according to people familiar with trading who declined to be identified.

Italian 10-year bond yield retreated below 7% to 6.77% as of 09:05 a.m. London time, while their Spanish counterpart fell to 6.23% from 6.34%.

As of 10:15 GMT, the euro pared its earlier drop as it rebounded from a low of 1.3427 to trade near the day's opening level at 1.3540.

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