U.K. jobless claims rose at the fastest pace in more than a year and job creation slowed, suggesting the labor market is succumbing to a fragile economic outlook.
Jobless-benefit claims increased 10,100 to 1.58 million in October, the most since September last year, the Office for National Statistics said today in London. The median of 28 estimates in a Bloomberg News survey was for no change. Employment based on International Labor Organization methods rose 100,000 in the three months through September, half the pace of the previous period, as a boost from the London Olympics began to fade.
Unemployment may begin rising in coming months as companies respond to a weak outlook by freezing hiring or cutting payrolls. Bank of England Governor Mervyn King said today the U.K. economy may shrink in the current quarter and signaled policy makers are ready to resume stimulus if needed by saying they had not lost faith in quantitative easing as a policy instrument.
“Because growth is still quite sluggish there will be sluggish employment growth, and the unemployment rate may edge up a bit,” said Ross Walker, an economist at Royal Bank of Scotland Group Plc (RBS) in London.
The pound pared its advance against the dollar after the central bank cut its growth outlook in its quarterly Inflation Report and was trading at $1.5868 as of 10.58 a.m. in London, little changed on the day…
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via U.K. Jobless Claims Unexpectedly Rise as Labor Market Slows – Bloomberg.
Job Market Monitor 
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Posted by Faustino Udicious | November 15, 2012, 3:57 pm