Unemployment hits 17 year high
By Declan Murray in Debt Advice Blog, Debt Management on 23 January 2012
The Office for National Statistics has revealed that unemployment figures have reached 2.685 million.
The total jobless figure has hit a 17-year high as the economy has continued to struggle. The number of available jobs has also fallen and the government’s wave of public spending cuts has only added to mass unemployment.
As a result, more people are being forced to work part time simply to remain in some form of employment. The number of 16 to 24 year olds out of work is also officially at a record high.
Youth unemployment has hit 1.04 million, with 22.3% of youngsters out of work. However, this figure is thought to include approximately 313,000 youngsters who are in full time education and are looking for work.
As job hunting becomes increasingly desperate, millions have resorted to working part time as there are just not enough full time roles.
The number of part time workers has jumped to 44,000 on the quarter, reaching the highest levels since comparable records began in 1992.
People who are involved in temporary work rose by 10,000 over the same period. That figure accounts for a third of all the temporary workers operating at the moment.
The unemployment rate also increased from 8.3% to 8.4% between September and November, the highest level since 1995.
ONS found that the number of people claiming Jobseeker’s Allowance increased by a staggering 1,200 last month, bringing the total number of people on benefits to 1.6 million.
Despite this, this figure is much lower than the 10,000 increase which was initially anticipated.
Unemployment can lead to debt problems
As millions struggle to make ends meet, those who are unemployed risk falling into debt. Losing your income can seriously hinder your personal finances.
Whilst 101,000 people became self employed in the last year, experts fear that this is just a case of people doing ‘odd jobs’ to avoid the dole queue.
If you face mounting debt problems, ClearStart could help. Our services could help to find a suitable debt management solution for you.
