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Unemployment rises again

Published: 14/10/2009

Unemployment rose again over the three months to August, official figures showed this morning.

The government said that a total of 2.47 million - 7.9 per cent of the workforce - is now out of work.

Around 90,000 more people have lost their jobs since the last survey was taken, bringing overall unemployment to a 14-year high.

Rising joblessness could have a direct effect on credit card and personal loan default rates - as well as home repossessions.

This is because declines in personal income caused by job losses can drastically reduce the ability of consumers to make their monthly debt repayments.

The latest rise in unemployment is smaller than had been expected by analysts.

Work and pensions secretary Yvette Cooper commented: "Although unemployment isn't as high today as many feared it would be at the time of the Budget, it remains a serious problem, which is why we must keep increasing support and advice to get people back into jobs."

The jobless total is predicted to peak during 2010.

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