No Comfort and Joy
No joy and little comfort as jobless claimant count rises above 1 million
Official statistics published yesterday show that the number of people unemployed and claiming Jobseekers Allowance has once again risen above 1 million. This says Dr John Philpott, Chief Economist at the Chartered Institute of Personnel and Development (CIPD), confirms that the UK labour market is now in recession.
The latest unemployment figures are bleak and herald a return to the dark days of mass joblessness we hoped had gone forever. Sadly, it is now inevitable that things will become bleaker still. An annus horribilis awaits the UK jobs market in 2009.
Todays bad news on jobs confirms that the UK labour market has crossed the border into recession. Although there is some comfort in the fact that there are still thousands of vacancies to be had, the number of jobseekers chasing each vacancy is growing by the day as unemployment heads toward at least 2.8 million in 2009. The abrupt increase in the number of people who have been made redundant is the most striking aspect about todays figures. The ominous news is that this is not an anomaly, with the worst job cuts expected to hit between Christmas and Easter.