Unemployment reaches 14-year high

Unemployment in the UK rose by 210,000 to 2.47m in the three months to July, which is the highest level since May 1995, according to the ONS.

The jobless rate currently stands at 7.9%, a 0.7% increase over the previous quarter and 2.3% rise over the year. It has not been higher since the three months to November 1996. Numbers claiming Jobseeker's Allowance in August grew by 24,400 from July to 1.61m; the highest since May 1997. Average earnings, excluding bonuses, also grew at the lowest rate since records began in 2001, rising by 2.2% in the three months to July 2009 compared with the previous year. Meanwhile, average earnings including bonuses rose by only 1.7% over the period. There had been concerns jobless figure...