The global economic slowdown takes an adverse effect on local UK employment. The number of the unemployed reaches its peak in 17 years, the highest rate of unemployment in the country. According to the Office for National Statistics, an astounding 2.57 million UKâ€™s were not employed in the months of June to August and a total of 1 million youth are unemployed while 114,000 people are added to the list of the unemployed in the current quarter with a jump of 8.1% increase. This is the highest unemployment rate so far since 1996. But the worse is yet to come, according to economists.
As the total number of unemployed people rose by 114,000 during the quarter, the unemployment rate reached 8.1%, the highest since 1996. The most affected age group of this unemployment rage is the young ones with ages 16 to 24 years old. Youth unemployment rate reaches 21.3%, which is twice the rate for UK unemployment as a whole. This is also the highest unemployment rate for the youth since 1992.
Part time workers also feel the effect of the economic recession with only 175,000 part time workers to date. With the government also cutting on employment, the public sector employment rate went down to 111,000 over the April to May period. The people do rely on the government to open slot for employment but was not enough to make a significant effect while the private sector provided 41,000 jobs .