Unemployment hits 17 year high
27th January 2012
UK unemployment figures have jumped significantly in the three months up to November last year, by a staggering 118,000.
This pushes up the total jobless figure to a massive 2.685 million, the highest level since August 1994.
Figures from the Office for National Statistics (ONS) also suggest that the number of people claiming Jobseeker’s Allowance increased by 1,200 in December. This brought the total to 1.6 million.
The rate of unemployment has also increased from 8.3% to 8.4% over the same period, this is the highest level since 1995. The ONS report highlighted that the number of people working full time fell by a massive 57,000 in the three months up to November.
However, a large number of people appear to have gone part time, as there was a 75,000 increase in the number of part-time workers. This may be down to the fact that many simply cannot find full time roles.
Harsh public sector job cuts have led to a fall in the number of people in public sector employment. Considering this, it is likely to come as little surprise that the number of people working in the private sector has increased.
This was not enough to prevent unemployment from rising though. The private sector only created 5,000 job posts during the same period that 67,000 public sector jobs were cut. Quite a contrast!
Youth unemployment has risen again, breaking further through the 1 million barrier. 1.04 million 16-24 year olds are currently out of work. This is the highest level since comparable records began in 1992.
Unemployment increased evenly amongst men and women in the last quarter, but those who were out of work for more than two years jumped from 1,000 to 424,000.
Income protection insurance
If you are looking to protect yourself in the event of sickness or an accident which prevents you from earning, income protection insurance could be a useful product to have.
- Unemployment hits 17 year high
- Five ways to make some extra cash this Christmas
- How they made their millions.....and lost it
- Five ways to tell if you hate Christmas
- 5 excuses given for calling in sick
- 5 online tools to boost your personal finances
- How to save money as inflation rises
- Rising unemployment leads many to consider benefits of income protection
- Five of the most expensive schools in the UK
- TUC predicts female jobless rise
- Mortgage warning to bank customers
- RAF workers face redundancy threat
- Cuts 'leave more women unemployed'
- TJ Hughes staff hit by job cuts
- NI confirms jobs for NOTW staff
- News Archive
