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Spike in unemployment figures fuels fresh fears for debt-hit Brits
13 June 2008
Debt-hit Britons have been dealt a further blow by figures which suggest that the labour market is weakening.
Figures from the Office of National Statistics show that during that between February and April the number of people out of work rose by 38,000.
Of these, 20,000 were in the financial services sector, which has been hard hit by banks and buildings societies recording reduced profits.
However, the loss of 10,000 jobs in the manufacturing sector is deemed by analysts to be more worrying since this group is less likely to be financially secure in the event of a prolonged downturn.
Vicky Redwood, UK economist at Capital Economics, said: "The recent rises are likely to be just the tip of the iceberg.
"The risk of a vicious circle of falling house prices and rising unemployment is growing by the day."
Signs that the downturn is beginning to hit the real economy come at a time when millions of Britons are already struggling with rising credit card debt and soaring living costs. 
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