It’s more bad news on the job front. The papers have just released the latest stats in regards to youth unemployment and we’ve hit yet another milestone.
Just over a month ago I posted some unemployment stats and at that point 991,000 16-24 year olds were out of work. This figure has now risen to over 1 million and the employment minister is blaming the eurozone.
Key Stats
- 1.02 million 16-24 year olds are out of work
- UK unemployment rises to 2.62m, a 17 year high
- Government scheme to offer incentives for firms to hire apprentices
- Employment minister blames the eurozone
- Claimant count rises to 1.6 million
- British born workers plunged by 311,000 in a year
Last night the Government faced calls for urgent action to tackle the UK’s jobs “crisis” after youth unemployment reached a “truly shocking” milestone of over a million. They argued that they have been under pressure due to the eurozone debt crises, so are they to blame for ignoring the job market problems at home?
Chief Economist at Markit, Chris Williamson, says: “Today’s ugly labour market data will raise concerns that the UK economic recovery is fading away, and that a long-term impact will be felt among the nation’s youth.”
The number of 16 to 24-year-olds looking for work increased by 67,000 in the last quarter to 1.02 million. This is the worst total since similar records began in 1992, resulting in a jobless rate of 21.9%, also a record.
On a more positive note it has also been revealed that UK retail sales rose in October. Economists predicted a fall in sales but the Office for National Statistics says there has been a surprising rise of 0.6% month-on-month.
Pre-Christmas sales and promotions within the food sector are thought to be the reasons behind the unexpected boost.
Sales volumes in small stores also rose by a fantastic 5.3% year-on-year, which is the largest increase since November 2004.
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Read more:
Guardian: www.guardian.co.uk/business/2011/nov/16/youth-unemployment-hits-1m-uk
Independent: http://www.independent.co.uk/news/uk/home-news/youth-unemployment-breaks-1m-mark-6262890.html
BBC: http://www.bbc.co.uk/news/business-15771780
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