"The holding of the Olympic Games appeared to provide at least a temporary boost to employment… "
- Howard Archer, chief economist at IHS Global Insight
U.K. unemployment fell to its lowest level in almost a year as the Olympic games created temporary jobs. Unemployment declined by 46,000 in the second quarter to 8 per cent, said the Office for National Statistics.
"The holding of the Olympic Games appeared to provide at least a temporary boost to employment in the latest figures given the stronger performance of the London labour market," said Howard Archer, chief UK economist at IHS Global Insight.
"None of this is consistent with data showing the UK has contracted for three consecutive quarters and is growing at the same rates as Spain and Italy – where unemployment is moving sharply higher," said James Knightley, an economist at ING.
U.K. stocks closed in red on Wednesday. The FTSE 100 Index lost 0.54 per cent, or 31.74 points to 5,833.04. The broader FTSE All-Share Index fell 0.46 per cent.
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