Unemployment Rises to 2.67m (Article by Vicky Hartley in Mortgage Solutions on 15.02.2012)

15 Feb

The number of jobless adults in the UK rose by 48,000 over the quarter to 2.67m, the highest rate since 1995, according to the Office of National Statistics.

The rise in employment figures is largely the result of the increasing numbers of part-time employees, which saw an increase of 90,000 to 6.61m.

The ONS confirmed the number of employees and self-employed people working part-time because they could not find a full-time job increased by 83,000 on the quarter to reach 1.35m, the highest figure since comparable records in 1992.

Full-time jobs fell 26,000 over the quarter to just over 18m and the number of self-employed also fell 10,000 on the quarter to just over 4m.

Employment also rose 60,000 on the quarter, which meant the percentage of unemployed people in the UK is still at 8.4% of the population.

Meanwhile, total pay, including bonuses, rose by 2% on a year earlier, unchanged on the three months to November 2011.

The number of unemployed people aged from 16 to 24 rose again, this time by 22,000 over the quarter to reach 1.04m, including 307,000 people in
full-time education looking for work.

David Birne, an insolvency partner at HW Fisher & Company chartered accountants, said: “Unemployment rose less than many had expected during the fourth quarter but it continues to climb. The slow but sure rise in the unemployment rate reflects the slow but sure decline of the economy. 2012 will see the unemployment rate continue to rise, as the public sector job cuts feed through.”

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