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Good news as employment falls in the UK

Unemployment in the UK fell by 37,000 in the three months to November 2012, according to the latest statistics released by the Office for National Statistics (ONS).

Screen shot 2013 02 04 at 10.37.38 - Enable FLPThis means that the jobless total stood at 2.49 million. Representing a fall of 7.7% in the period, unemployment was at its lowest level for 18 months.

As always, there was wide variation between the regions, with the North East reporting a jobless rate of 9.1%, whilst the South West showed only 5.5% unemployed.

The ONS also report that there were 494,000 the highest number recorded since 2008. At the same time, they reported that there were 29.7 million people in employment, which itself is a record high.

However, youth unemployment (those aged between 16-24 years) rose slightly for the first time since last summer, with 957,000 jobless, an increase of 1,000.

Commenting on these figures, Mark Beatson, chief economist of the Chartered Institute of Personnel and Development (CIPD) said this was: “a continuing cause of concern.”

“The number of unemployed 18-24 year olds has increased whereas unemployment in age groups 25-64 has fallen. If this trend continues we risk a permanent scar on the labour market,”

He went on to add: “It is in employers’ interests to build their future skills base by recruiting the next generation of workers.”

Many economic commentators remain baffled by the fact that the number of unemployed continues to fall, even though the UK’s economy has been very sluggish. They expected to see Q4’s GDP figures record a contraction and ONS data duly obliged, showing a 0.3% dip.

A caveat to these encouraging figures is the fact that we have seen a number of high street retailers go to the wall in Q1 2013; with Comet, Jessops, Blockbuster and HMV entering administration, with the inevitable large-scale job losses to come in the short term.

Issued by: Enable Independent Financial Life Planners
25c North Street, Bishops Stortford, Herts CM23 2LD 
Telephone: 01279 755950 – Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Services Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.

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