Olympics bring down UK jobless to 8%
Source: Agencies |
August 16, 2012, Thursday
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Print Edition
UNEMPLOYMENT in the United Kingdom dropped to 8 percent in the three months through June, possibly due to a spate of hiring associated with the Olympic Games, official figures showed yesterday.
The Office for National Statistics revealed that 46,000 fewer people were unemployed from the previous three-month period, contributing to the fall in the overall rate from 8.2 percent.
The declines being registered have come as something of a surprise to a number of analysts, not least because Britain is in recession. Figures recently showed that the recession has got deeper, with output down 0.7 percent in the second quarter of this year from the first. That has prompted the Bank of England to revise down its forecasts for the UK economy. It now expects little or no growth this year.
"It seems that the Olympics have provided a temporary boost to the job market, with half of all of the new jobs having been created in London in the three months to June," said Chris Williamson, an analyst at financial information company Markit.
Minutes of the Bank of England's August meeting of the rate-setting Monetary Policy Committee, also released yesterday, showed that all nine members voted to keep the main interest rate on hold at the record low of 0.5 percent and to leave the monetary stimulus unchanged.
However, the minutes revealed that some members found the decision "more finely balanced, since a good case could be made at this meeting for more asset purchases."
The Office for National Statistics revealed that 46,000 fewer people were unemployed from the previous three-month period, contributing to the fall in the overall rate from 8.2 percent.
The declines being registered have come as something of a surprise to a number of analysts, not least because Britain is in recession. Figures recently showed that the recession has got deeper, with output down 0.7 percent in the second quarter of this year from the first. That has prompted the Bank of England to revise down its forecasts for the UK economy. It now expects little or no growth this year.
"It seems that the Olympics have provided a temporary boost to the job market, with half of all of the new jobs having been created in London in the three months to June," said Chris Williamson, an analyst at financial information company Markit.
Minutes of the Bank of England's August meeting of the rate-setting Monetary Policy Committee, also released yesterday, showed that all nine members voted to keep the main interest rate on hold at the record low of 0.5 percent and to leave the monetary stimulus unchanged.
However, the minutes revealed that some members found the decision "more finely balanced, since a good case could be made at this meeting for more asset purchases."
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