Wednesday, October 12, 2011
Unemployment up to 2.57m
Posted by David Smith at 09:45 AM
Category: Thoughts and responses

After being stuck at around 2.5m for the best part of two years, unemployment has started to rise quite strongly. There is a striking fall of 178,000 in employment in the latest three months (June to August), driven by a big drop (175,000) in part-time employment. As a result unemployment rose by 114,000 to 2.57m, or 8.1% of the workforce.

Youth (16-24) unemployment did not quite make it to 1m, instead hitting 991,000, 269,000 of which are in full-time employment. There are few bright spots in these figures. Total pay, including bonuses, rose by 2.8% over the latest 12 months but the excluding bonuses number remained depressed at 2.8%.

The claimant count rose by 17,500 to 1.6m, or 5%, in September. As a good lead indicator of future unemployment trends, it suggests the broader totals will continue to rise in the coming months. More here.