1. Number of unemployed people in Britain increases slightly

Number of unemployed people in Britain increases slightly

The number of unemployed people in Britain has risen slightly, dampening expectations of an interest rate increase in the country's rebounding economy.

By: | Published: July 16, 2015 8:35 AM

The number of unemployed people in Britain has risen slightly, dampening expectations of an interest rate increase in the country’s rebounding economy.

The Office of National Statistics said Wednesday that 1.85 million people were unemployed in the country in the three months ending in May, an increase of 15,000 and the first quarterly increase since 2013.

The unemployment rate was 5.6 percent, largely unchanged from the previous three months but lower than the 6.5 percent reported a year earlier.

Vicky Redwood of Capital Economics says the softer labor market activity will give the Bank of England’s Monetary Policy Committee pause.

While some policymakers are ready to increase rates to keep the economy in check, Redwood says the economic data are not strong enough to push a majority toward one yet.

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