Unemployment continues to rise
Today’s unemployment figures show a continued rise – with increases for men and women and in most UK regions and nations (small falls in the rate in London and Yorkshire are the exception). The overall measure of unemployment shows that in December 1,971,000 people were out of work and looking for jobs. And in January 1,233,000 unemployed people were claiming JSA.
The rise hasn’t been quite as steep as some commentators were predicting, but that is little real consolation. The increases are still sharp – for example between December 08 and January 09 the number of people on JSA rose by 73,800. While this was slightly less than the rise we saw from November 08 – December 08 (79,900) it remains vastly higher than the start of last year: from January 08 to February 08 the claimant count increase was just 600 people.
Redundancies have also rocketed, with 259,000 people made redundant during October 08 – December 08, compared to 156,000 during the preceeding quarter. We are therefore still expecting bad news for some time.
We’ll be presenting more detailed analysis here over the next few days – including our recession report, which will be available from next Monday.