delusionofgrandeur

I read on Bloomberg earlier that the rate of increase in unemployment in the UK last month increased at it’s fastest rate since 1992 when Britain was in the depths of it’s last major recession.

That’s not to say that the total number unemployed is as bad (yet). The number current stands at 1.68 million unemployed (but obviously increasing fast) representing 5.2% of the potential workforce.

The latest job casualties appear to be with construction and developers who had previously been working to fill the UK property asset bubble with high density housing which is now proving almost unsalable. While some may indulge in scadenfreud over this, it’s worth remembering that there are large numbers hard working labourers being put out of work who may be difficult, if not impossible to retask.

This entry was posted on Wednesday, July 16th, 2008 at 2:50 pm and is filed under Credit Crunch, Economy, Fantasy House Prices, News.You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.