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Business

UK jobless numbers see surprise fall

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Opening sequence

Business

UK jobless numbers see surprise fall

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17:05
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COMING UP:UK jobless numbers see surprise fall

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Transcript

00:00:00
>> A glimmer of hope for the UK economy, jobless numbers posting a surprise fall in July. That's snaps a run of grim data following the shock vote for Brexit. Reuters UK Chief economics correspondent Bill Schomberg.>> Economists have actually been expecting the number of jobless claims to rise by more than 9,000, and in fact, the number fell by about 9,000, so it went completely the opposite direction to what people were expecting.
00:00:26
It was a surprise, we saw some of that reflected in the initial reaction in the financial markets, Sterling rose because it looked like the economy wasn't in as bad shape as people had been expecting. But it still is early days, many economists say that these numbers might prove to be a little premature, so we have to wait and see what happens in the months ahead, really.
00:00:43
>> Uncertainty over the how and when of Brexit still hanging over the economy. The Bank of England predicts jobless numbers will rise by a quarter of a million following the decision to quit the EU. Surveys of business confidence also slumping. Though Britain's shoppers may be made of sterner stuff.
00:00:58
>> The survey showed an initial fall in consumer confidence but there are signs that consumers have gotten over that and consumers are quite important because they really drove the economic recovery in the last three years. It will be important to see how employers continue to invest going forward, that's one of the key questions.
00:01:17
>> Not long to wait for the next big number, July retail sales figures out Thursday. They may show whether shoppers really are keeping calm and carrying on.