U.K Jobless Claims Rise 8.1K, Unemployment Remains at 8.2%, BOE Meeting Minutes - 20.6.2012

The number of Jobless Claims in the U.K. unexpectedly increased in May by 8,100 as the office of National Statistics reported today. Economists expected a drop of 3,100 in May while in April there was a drop in Jobless-benefit claims of 12,800. Therefore in May the Labor Market shows a failure to improve as downside pressure is increasing from a worsening European debt crisis.

Moreover, Unemployment Rate in May remained the same as in April, at 8.2%, as it was expected. The latest data on labor market are setting pressure on the British government of David Cameron after budget cuts. Lastly, the BOE minutes of the 6-7 of June meeting were released revealing that the committee voted unanimously to keep the Bank Rate at 0.5%. However for the Asset Purchase facility, 5 of the 9 members voted to keep it at £325 billion, 3 members including the Governor voted to increase by £50 billion and 1 member - to increase by £25 billion.