Unemployment benefit claims rise again
The number of people now claiming jobless benefits in the UK rose by 5,300 in September with the figure now standing at 1.47 million. This was slightly higher than the 4,500 increase expected by economists in the UK and while overall unemployment in the quarter to the end of August actually fell by 20,000 to 2.45 million there are still major concerns going forward.
We must remember that the increase in those claiming unemployment benefit come before the majority of expected job losses in the public sector. A PwC report today suggests that unemployment in the UK could increase by up to 1 million between the public sector and the private sector. So while an overall reduction in unemployment in the three-month the end of August is encouraging we need to keep our feet firmly planted on the ground.
When you also take into account the reduction in consumer confidence and business confidence going forward, the situation does become worse and potentially catastrophic for many households around the UK. A recent report also confirmed that unemployment in the UK, measured by the number of households where one or more person is unemployed, is far worse than any other country in Europe.
Share this..
Related stories
Debt and the Younger Generation
In today's world it is increasingly difficult for the younger generation to maintain a good credit rating with a large proportion of the UK going into debt. For those wanting to purchase a new car, go on holiday or perhaps pay for education fees, credit can be acquired with relative ease. With the younger generation less likely to have a bad credit rating, banks and other lenders snap them up as...
Read MoreUS Federal Reserve watching job situation
The US Federal Reserve is closely watching the US employment market with concerns that downward pressure on employment figures could see the Federal Reserve push ahead with plans to move borrowing costs even lower. As we mentioned in one of our earlier articles, there is growing concern amongst investors that the Federal Reserve is even contemplating a further easing of the cost of borrowing to in...
Read MoreGraduate job market recovers to pre-recession levels
07/07/2014 The number of graduate job opportunities has increased by 12% over the last 12 months, according to a report. The figures are particularly significant, as it means the graduate job market has recovered to the same level as before the recession in 2007, when employment opportunities fell by 23.3% up to 2009. The report said that the UK’s top companies employed more graduates t...
Read MoreEurozone leaves the UK economy behind
Strong growth in the German economy has boosted the Eurozone as a whole and brought the area out of recession although the UK economy has yet to follow suit. The likes of France and Germany have been among the better performing economies of the Eurozone and despite initial hopes that the UK will be one of the first to leave the recession behind, the situation has not gone to plan.
W...
Cutting the fat from the last UK boom time
If there is one employment sector in the UK which appears to have benefited more than most it has to be public services. We have seen over 500,000 jobs created over the last decade with a substantial increase in pension liabilities one of the more worrying aspects of the growth. However, a number of experts are now wondering why it has taken the recession for the government to announce a significa...
Read More