There are a few figures to hit the headlines today. Following from the inflation report yesterday we also see the quarterly inflation report from the Bank of England.
The Labour statistic figures were released today and showed an unemployment rate of 8.3%, the highest since 1996. The total number of people unemployed rose 129,000 to 2.62 million, which is the highest since 1994. The release also showed that total pay excluding bonuses rose 1.7%, which is not so good considering inflation stands at 5%.
The Bank of England quarterly inflation report had a mix of good news and bad news. The good news is that they expect inflation to fall sharply in the new year, perhaps below the 2% target rate. The bad news is that the European woes have caused the global economic outlook to worsen. As such the Bank of England has decreased the UK’s projected growth rate.
