Unemployment on the rise
The economy was dealt a blow today with reports that unemployment is on the rise – with the number of women out of work at its highest level for over two decades.
According to the Office for National Statistics, the UK unemployment rate rose to 7.9% in the three months to the end of June.
On top of that the number of people claiming Jobseeker’s Allowance rose by 37,100 to 1.56 million - far ahead of the 20,000 predicted and the largest monthly increase since May 2009.
No recovery in sight
The latest figures is a worrying sign that the government’s hope of a private sector recovery to balance out the cuts in the public sector is failing to come true.
One particularly clear indication is the rocketing number of women who are unemployed. The amount of women out of work has hit its highest level since 1988 with 21,000 losing their jobs in the past three months.
The high rate is thought to be a reflection of the cut back in public sector jobs as that is where more women are employed. Over the three-month period more women were made redundant than men.
To add to the bad news there is an increasing number of people having to work part-time because they cannot find a full-time job. Some 1.26 million people are currently being forced to work part-time due to the dire jobs market – an increase of 83,000 over the three months to June.
All the figures taken together paint a bleak picture of the UK economy, leading many experts to predict that we are heading towards another recession. That’s a belief supported by news that economic growth in the UK was just 0.2% in the second quarter.