Sharp unemployment rise points to bleak economic outlook
Today’s unemployment figures show that at the end of October this year 1,864,000 people in the UK were unemployed. We predict that by the time we get the figures for December they will show that 2 million people were out of work and seeking it over Christmas. Even more concerning is the rise in the claimant count – which reflects the situation in November and therefore draws on more recent data. This month there has been a 75,700 increase in the number of people claiming JSA – demonstrating a dramatic increase in the rate at which people are losing their jobs.
Data from recent months show that the situation continues to worsen. While the claimant count increased by 4 per cent during September, the rate of increase during October was 5.5 per cent and today’s figures show a 7.6 per cent increase in the claimant count during November. These trends are extremely worrying, and demonstrate the need for the Government to introduce a fair package of financial support for people facing unemployment this Christmas.
More analysis will follow later in the day – and our recession report will should be available by the end of this week.