Related News
UK sheds state jobs at speed
Source: Bloomberg News |
September 15, 2011, Thursday
|
Print Edition
Print Edition
UK employment in government jobs fell by a record in the second quarter, offsetting a gain by private sector hiring, as the government cut spending to reduce the budget deficit.
Public sector payrolls plunged 111,000 in the three months to June, according to the UK's Office for National Statistics. In the private sector, employment rose 41,000. In August, jobless benefit claims increased 20,300, fewer than the 35,000 that was the median forecast of 23 economists in a Bloomberg News Survey.
The Bank of England held its key interest rate at a record low of 0.5 percent and its bond program at 200 billion pounds last month. Still, policymaker Adam Posen said yesterday the outlook for the economy has worsened and his colleagues should back his call for more stimulus to counter headwinds to growth.
The benefit claimant count was 4.9 percent in August, making the number of people on jobless benefits 1.58 million. The British economy grew just 0.2 percent in the second quarter.
Posen said: "If we do not undertake the stimulative policy that the outlook calls for, then our economies and our people will suffer avoidable and potentially lasting damage. The right thing is for the Bank of England and the other Group of Seven central banks to engage in further monetary stimulus."
The International Labour Organization unemployment rate in the three months to July was 7.9 percent. On that measure, the number of unemployed is now 2.51 million.
Employment in the private sector may come under pressure as banks cut jobs. The biggest banks are shedding staff at the fastest pace since 2008 as a slowing world economy squeezes revenue, regulators push firms to hold more capital and the eurozone sovereign debt crisis shows no sign of ending.
Public sector payrolls plunged 111,000 in the three months to June, according to the UK's Office for National Statistics. In the private sector, employment rose 41,000. In August, jobless benefit claims increased 20,300, fewer than the 35,000 that was the median forecast of 23 economists in a Bloomberg News Survey.
The Bank of England held its key interest rate at a record low of 0.5 percent and its bond program at 200 billion pounds last month. Still, policymaker Adam Posen said yesterday the outlook for the economy has worsened and his colleagues should back his call for more stimulus to counter headwinds to growth.
The benefit claimant count was 4.9 percent in August, making the number of people on jobless benefits 1.58 million. The British economy grew just 0.2 percent in the second quarter.
Posen said: "If we do not undertake the stimulative policy that the outlook calls for, then our economies and our people will suffer avoidable and potentially lasting damage. The right thing is for the Bank of England and the other Group of Seven central banks to engage in further monetary stimulus."
The International Labour Organization unemployment rate in the three months to July was 7.9 percent. On that measure, the number of unemployed is now 2.51 million.
Employment in the private sector may come under pressure as banks cut jobs. The biggest banks are shedding staff at the fastest pace since 2008 as a slowing world economy squeezes revenue, regulators push firms to hold more capital and the eurozone sovereign debt crisis shows no sign of ending.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
