UK unemployment hits 17-year high

Office for National Statistics (ONS) figures released today showed the jobless rate has risen to 8.3%, up from 7.9% in the previous quarter. Youth unemployment rose to 1.027 million, the highest since records began in 1992, beating the previous record set only last month. The number of people out of work and claiming Jobseeker's Allowance rose by 3,000 to 1.6 million in November. However, the rate of increase in the claimant count showed signs of slowing, with a rise of 3,000 far undershooting economists' forecasts. Meanwhile the ONS revised down the October increase in the clai...