Figures released from the ONS (Office of National Statistics) shows unemployment rising by 70,000 to 7.9%, the second month that the jobless rate has deteriorated. The improvement in  the number of people out of work in previous months has been encouraging when most economic data has been poor.

The overall figure for people in employment in the UK dropped below the 30 million mark but there was some good news in the data released by the ONS, with less people claiming benefits to the tune of 7,000, all figures up to the end of February.

The figure for the young out of work in the age bracket 18-24 rose by 20,000 to 979,000.

The pound remains weak on the disappointing economic data but may get some short term support from an expected narrow escape from a triple dip recession, when the GDP figures are released for the quarter to the end of March, with estimated growth coming in just above flat at 0.1%. If the triple dip does happen, the headline will be quite damaging to sterling for some time, with few reasons to buy it but a cheaper pound will help the export drive.