Commenting on the figures Brian Hilliard, chief UK economist at Societe Generale, said: "The standout statistic is the substantial increase in the unemployment rate to 7.1%."
US banks repay bailout cash
While the UK financial sector was digesting that little nugget of joy it could at least take solace in the fact that 10 of the largest US lenders announced they would be able to repay $68bn in government bailout money.
Perhaps optimistically, the US Treasury trumpeted this development as a sign the financial crisis is easing.
President Barack Obama also welcomed news of the repayments but was careful to add that they should not be taken as a sign that his country's financial troubles are over.
Banks in the US have been particularly eager to pay back their bailout money as fast as they can to escape potentially onerous government restrictions including caps on executive pay. The banks received the money at the height of the financial crisis.
The US Treasury did not name the banks that had received permission to repay the money from the $700bn government bailout fund known as the Troubled Asset Relief Program, established last October.
But JP Morgan, American Express, Bank of New York Mellon, BB&T, Capital One Financial, Morgan Stanley, State Street, Goldman Sachs and US Bancorp all confirmed that they had received permission to repay.
Meanwhile back in Blighty, by the middle of the month all eyes were on developments at building society West Bromwich.
With rumours flying around the industry that the society was in desperate need of rescue the story soon reached the national media.
Unsurprisingly, BBC business editor Robert Peston was the first big name to wade in with hearsay that the society was done for.
On June 11 rumours were rife that West Brom was to be rescued in the next couple of days. The beleaguered society was set to announce its annual results just days later, having delayed disclosure for several weeks.
At the time, sources told Lending Strategy's sister magazine Mortgage Strategy that a Financial Services Authority representative was on standby in the event of any announcement.
But any rescue mission that might have been planned was indeed delayed as West Brom saved itself.
The society negotiated a last-ditch deal with its creditors to convert pound 182.5m worth of subordinated debt into capital, the move being approved by regulators and the government, including chancellor Alistair Darling.
The society had reached an agreement with its creditors to exchange the full outstanding principal amount of pound 182.5m for innovative financial instruments known as Profit Participating Deferred Shares, which qualify as core tier 1 capital.
The capital exchange materially strengthens the society's core tier 1 capital ratio from 6.8% to 11.6%.
At this level, West Brom's core tier 1 capital ratio is among the highest in the sector and its total capital ratio is maintained at more than 14%.
Holders of PPDS will be entitled to receive a dividend of up to 25% of West Brom's future consolidated post-tax profits at the discretion of the society, calculated prior to payment of the dividend.
