Economists See No End to U.K. Layoffs
By Joe Parkinson
Pendragon
LONDON -- The British labor market is buckling under the weight of higher interest rates, accelerating inflation and sinking confidence.
Unemployment -- traditionally the final symptom of a downturn -- has risen steadily for the past four months in the U.K. to 5.3% of the work force as of April, according to official data.
Behind the government statistics are growing corporate layoffs as profits plummet.
Pendragon
LONDON -- The British labor market is buckling under the weight of higher interest rates, accelerating inflation and sinking confidence.
Unemployment -- traditionally the final symptom of a downturn -- has risen steadily for the past four months in the U.K. to 5.3% of the work force as of April, according to official data.
Behind the government statistics are growing corporate layoffs as profits plummet.
Labels: UK, unemployment
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