Labour Market Report #8: Job losses start to rise
While employment levels rose by 178,000 on the quarter (June – Aug 2010) they showed no change on the month (a result of a monthly increase of 5,000 in male employment and a fall of 5,000 in female employment). In addition, after increasing for three consecutive months (from March – June 2010), the number of people in full-time employment fell by 31,000 between June and July.
The headline ILO measure of unemployment fell by 20,000 on the quarter, and 19,000 on the month. However, when these data are considered by age they show that unemployment for 18-24 year olds has now seen three consecutive monthly rises by the ILO measure, (a total increase of 35,000 since April 2010) and that the largest contribution to the fall in the unemployment level has come from a reduction of 39,000 in the number of 16-17 year olds unemployed between April – July 2010.
Unemployment data are also showing growing variation by gender. Female unemployment has continued to rise, by 36,000 from April – July 2010, while men have seen a fall of 56,000 over the same period. This increase is mainly accounted for by women aged 18-24 (32,000), although women aged over 50 have also seen a rise (8,000).
The number of vacancies has now seen three consecutive monthly falls. In September there were 459,000 vacancies across the economy, 30,000 down on the quarter. Since the start of the recession in April 2008 the vacancy level has fallen by 233,000 (34 per cent). As a result of the quarterly vacancy drop there was a slight increase in the ratio of unemployed people to jobs – which is now 1: 5.2. The prospects for jobseekers seem to be getting worse.