Despite of huge economic crisis, there has been a decline in UK’s unemployment rates. As per the official figures, the unemployment declined by 46,000 to 2.56 million in the quarter to June which was the lowest since July 2011. The ratio of jobseekers allowance claimants also decreased by 5900 to 1.59 million.
However, figures indicated increasing number of part time job takers which climbed up by 71,000 over the quarter to reach 8.07 million – highest ever in past 20 years. Out of the total part time workers, 1.42 million have been compelled to take up a part time job due to lack of full time job opportunities. Youth unemployment was recorded at over 1 million, where one among five people was seeking for a job. Experts warn that though UK added 1, 30,000 full time employment opportunities, the part time job trend would sustain for a longer time. Reasons for the same was attributed to low public sector demand as Government seeks to drop the structural deficit, lower domestic demand as households grapple with their liabilities and monthly bills and also feeble demand from abroad. All these have compelled more people to take up part time jobs.
The Olympics helped create a lot of job opportunities as the rate of unemployment dropped by 46000. The number of employed people climbed up by 201,000 to about 30 million. This was the highest figure recorded since last summer with 50% of that increase coming in London. Though the wages are far behind the cost of living, the average earnings have grown by 1.6% this year till June which is 50% of the current inflation rate- 3.2%.
Officials and experts claim that with the economy slumping back to recession, times are bound to get tougher. The Olympics job market aura will soon dissipate. However, the private sector is hoping to withstand the storm and the little fall in the unemployment rate displayed the strength of the sector.
Source: The Pie News
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