British joblessness hits 14- year high

Britain's recession-hit economy took another beating on Wednesday as
official data showed that the labour market was in its worst state
for 14 years, with companies slashing jobs to save cash. The number
of unemployed climbed by 210 ,000 to 2.47 million people in the
three months to July -- the highest level since May 1995 -- despite
tentative signs of economic recovery. And the unemployment rate rose
to 7.9 percent in the three months to July, hitting the highest
level since November 1996 , according to data released by the Office
for National Statistics ( ONS). News of worsening labour market data
comes despite growing expectations that Britain could soon follow
France, Germany and Japan out of a deep recession that was sparked by
the global financial crisis. "While the UK economy may now be growing
again, the latest labour market figures showed little sign of
improvement," said Vicky Redwood, economist at Capital Economics.
"Even if the recession is over, it will continue to feel like one for
many people for a long time yet." However, other analysts sought
solace from the fact that the pace of losses was receding.