The UK economy showing small sign of recovery with unemployment falling by 45,000
New figures from the office for national statistics(ONS) have show a fall in unemployment between the months of January and March, with unemployment falling by 45,000 down to 2.63 million as the UK shows small signs of recovery.
There is mixed news for 16-25 year olds with the figures showing youth unemployment including graduates down by 17,000 however there is still over a million out of work. The figures also show that youth’s are out of work for longer than a year has actually increased by 27,000 up to a massive 887,000.
The drop in unemployment has been welcomed by most including the Employment Minister Chris Grayling, however others have been more critical of the news including TUC general secretary Brendan Barber who pointed out that the increase is primarily due a hike in part-time jobs and cautioned the UK economy could seriously be in trouble because of a collapse in wages and that people are having to make career sacrifices opting to just to stay in work.
John Philpott, chief economic adviser at the Chartered Institute of Personnel and Development (CIPD) was also critical and reflects many of the same sentiments commenting that; “While optimists might conclude that this casts doubt on the reliability of the most recent official GDP growth figures, a more sober assessment is that a very weak economy is managing to keep unemployment in check only by maintaining a severe squeeze on the size of pay packets and creating enough low productivity work to allow people to avoid the dole by doing the odd part-time job here and there.”
What are these?
Follow on Twitter
Link to us
Read our Blogg
Connect with us