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Jobless claims increase in August

Despite the fact that many people had expected the claimant count unemployment figure to continue reducing, as it has done since January 2010, it was revealed that an additional 2,300 people claimed unemployment benefits in August. This brings to a close hopes that perhaps the UK economy was stronger than many had expected and certainly increases the chances of a double dip recession in the short to medium term.

Over a six-month period the reduction in people claiming unemployment benefit in the UK has been around 150,000 although there are now concerns the figure could start to rise. The UK unemployment market is being distorted somewhat by the fact we have seen a massive increase in the number of people taking part-time employment in these troubled economic times. A number of prominent economists are now calling to an end a period when the UK economy has been relatively strong amid growing concerns for the short to medium term.

One of the main problems is the fact we have seen an increase in those claiming unemployment benefits despite the fact that proposed public-sector budget cuts have yet to hit home. As and when the multibillion pound budget cuts come into play there is no doubt that further pressure will be placed upon the employment market and we could see a significant increase in unemployment in the short to medium term.

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