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24HourForums.com > The Top 10 Supported Forums > 24's Political Matters > Things aren't so great in the UK... |
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Millennium Original500© Member
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UK Unemployment Labour Market Statistics August 14 2008 - The unemployment rate rose to 5.4% - up 0.2% over the quarter but unchanged on last year. 29.6 million people were in work in the period April to June according to the labour force survey (LFS). This remains close to the highest on record, up by 20,000 on the quarter, and up by 384,000 on the last year. The working age employment rate is 74.8% - down 0.1% on the last quarter and up 0.3% on the last year. ILO-defined unemployment in April to June was 1.67 million (5.4%) - up by 60,000 unemployed on the quarter and 15,000 from this time last year. The claimant count for key out-of-work benefits was 864,700 in July - up by 20,100 on the previous month and 10,900 on last year. Earnings growth over the year to June (including bonuses) was 3.4%, down 0.4% on the previous month. James Plaskitt, Work and Pensions Secretary said: "There are two sides to today's figures. The welcome news is that the numbers on incapacity benefits and lone parent benefit continue to fall as our reforms kick in, and more people who were written off before now having the chance to join the high numbers in work. "The disappointing news is the increase in unemployment. But there is considerable help available to people through Jobcentre Plus. There are over 600,000 vacancies available at the moment. "The majority of people losing one job are into another in less than 3 months. "Despite this months rise in unemployment, there are still 380,000 more people in work than a year ago" Dr John Philpott, CIPD Chief Economist commented: "This is the weakest set of labour market data since the economic slowdown began. Employment growth has ebbed to a trickle - indeed employment has fallen in several regions of the country - while the rise in unemployment is gaining worrying momentum. The number of unemployed people claiming Jobseekers’ Allowance has risen in every month since January - with each monthly increase greater than the last - and there are now more people in receipt of this welfare benefit than a year ago. "The impact of the economic slowdown is also becoming more widespread. Nearly every sector of the economy posted fewer job vacancies in the three months to June. This is particularly evident in those parts of the private sector that until recently were major engines of job creation such as shops, hotels and restaurants, finance and business services, and construction. Moreover for the first time since the credit crunch emerged there is a clear sign that redundancies are on the rise. "These figures only tell us what was happening to the jobs market until mid-summer. Worryingly, the latest CIPD/KPMG/Ipsos MORI Labour Market Outlook survey - published earlier this week - indicates that the jobs situation will continue to deteriorate in the coming quarter. By the end of the year it is likely that the level of employment will be falling across the country and unemployment rising at an accelerating pace as the number of people claiming Jobseekers’ Allowance climbs back toward 1 million for the first time this decade. "With today’s ONS figures showing that the worsening jobs situation is already having a dampening effect on growth in average earnings, the prospect of a ‘pay-price’ spiral triggered by current sharply higher inflation seems remote. It nonetheless remains vital that employers and workers keep pay rises in check so as to minimise any further threat to jobs during the economic slowdown." Gee....I thought it was a bed of roses over there.....
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24HourForums.com > The Top 10 Supported Forums > 24's Political Matters > Things aren't so great in the UK... | ||||||||||||||||||||||||||||||||||||||||
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