Business News
British unemployment reaches 16-year high amid recession fears (correction)
Jan 18, 2012, 11:21 GMT
London - Unemployment in Britain rose to 2.6 million in the three months between September and November, 2011, reaching its highest level since 1996, official figures showed Wednesday.
While the overall jobless rate rose to 8.4 per cent, youth unemployment reached 1.04 million, affecting 22.3 per cent of people aged between 16 and 24.
The figures released by the Office for National Statistics (ONS) came a day after Britain recorded a drop in the inflation rate to 4.2 per cent in December.
An analysis by research group Capital Economics said that unemployment in Britain was expected 'to rise much further' in view of the recent economic slowdown.
Figures due to be published next week are expected to show negative growth for the fourth quarter of 2011 in Britain, confirming a technical recession - twp consecutive quarters of negative growth.
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