Wednesday, September 17, 2008
Unemployment up, one vote for a half-point rate cut
Posted by David Smith at 02:00 PM
Category: Thoughts and responses

Unemployment rose by more than expected, the claimant count rising by 32,500 in August and the Labour Force Survey measure increasing by 81,000 to 1.72m in the three months to July. Wages growth was subdued. More details here. The figures strengthened the case for a cut in interest rates. Earlier this month David Blanchflower voted for a half-point cut, with the other eight members of the monetary policy committee on hold. The minutes are here