UK unemployment posts surprise drop in Q1

Economists had expected the jobless rate to increase slightly to 8.4%. In figures, UK unemployment fell by 45,000 between January and March to 2.63 million. The number of people claiming Jobseeker's Allowance fell by 13,700 to 1.59 million in April, although the UK is officially back in recession. Jeremy Cook, chief economist at foreign exchange company World First, said the drop was unexpected, but ongoing weakness in labour markets is an obvious concern. "With attention once again focused on the prospect of further economic Armageddon, courtesy of the fresh pain in the eurozon...