|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |   
Friday 19th of June 2009
June 17, 2009

UK unemployment highest since 1997


by Kay Murchie
”UK

The Office for National Statistics (ONS) has today released figures that confirm UK unemployment continues to rise with the unemployment rate up to 7.2% from 7.1% - the highest since July 1997.

In the three months to April, unemployment increased to 2.26 million - the highest level since November 1996, according to the ONS.

However, today’s figure is below the 2.27 million expected by economists, while the number of people claiming unemployment benefits also rose less than expected.

The number of people claiming unemployment benefit was up by 39,000 in May - much less than the 60,000 expected, but is nevertheless up to 1.54 million.

In the meantime, the unemployment rate for 18-24 year olds now stands at 16.6%. TUC General Secretary, Brendan Barber, comments: “Youth unemployment is now at its highest rate for 15 years. And it will get worse when millions of fresh school leavers and graduates start looking for work in the coming weeks.”

Today’s figures confirm reports this week claiming that unemployment will continue to rise - even after the UK has recovered from the recession. Many believe unemployment will rise to around three million by the middle of next year.

The number of vacancies fell from 659,000 in May 2008 to 424,000 in May this year - a fall of 35%.

Commenting on today’s figures overall, David Kern, chief economist at the British Chambers of Commerce, said: “These jobless figures are slightly better than feared, but the overall situation remains grim. It is much too early to talk about the end of recession and it is important not to withdraw the policy stimulus before there is firmer evidence that the economy has stabilised.”

Discuss this in the Finance Markets forums

Story link: UK unemployment highest since 1997


Add to Bookmarks:

ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL

 

Tags: 1997, , , , , , , ,

 

Previous: « Counterfeit goods tempt credit crunched Brits
Next: BoE policy makers voted 9-0 to keep interest rates on hold »

Visited 210 times, 2 so far today

No Comments »

No comments yet.

RSS feed for comments on this post.

Leave a comment