UK jobless rate hits 13-year high
Data released on Wednesday from the British government says that the unemployment rate in the United Kingdom has reached its highest level in thirteen years, with the jobless rate at 7.9%.
2.47 million people are now out of work in the UK, up 210,000 or 0.7% in the quarter leading to July. The unemployment level has not been this high since November 1996.
Young people, aged 16 to 24 years old, have been affected the most by the recession, with 947,000 having been out of jobs, the highest level recorded.
Some economic analysts have suggested that the jobless rate may eventually reach three million, even if layoffs slow.
“While the deepest job losses are now probably over, the outlook for the labour market remains far from encouraging. Doubts and concerns over the strength and sustainability of any recovery are likely to encourage businesses to keep their labour forces as tight as possible,” economic forecaster Howard Archer for Global Insight said.