Fears of rising unemployment amid financial crisis Concerns remain around the level of unemployment ahead of publication of the latest jobs figures.
In the shadow of poor second quarter economic growth (announced today as 0.1 percent) by Germany, and the current economic turmoil in both the US and Europe, the growing debt crisis has led to renewed concerns over unemployment. The Office of National Statistics releases its latest monthly figures on the labour market on Wednesday and the feeling of pessimism is palpable as the global economy takes a turn for the worse. There are predictions that the joblessness figure will rise again on the back of the unpredictability witnessed in financial markets both in the UK and abroad.
The grim prognosis is echoed by a number of influential reports out today, which includes the study from the Chartered Institute of Personnel and Development/KPMG. The Labour Market Outlook which surveys 1,000 employers shows a fall on intended staff increase of -1, compared to +3 in the last quarter. Long term prospects are also disappointing with a fall in the twelve month index from +2 in the last quarter to -6 in this.
The underlying trend of long-term unemployment continues to cause unease, particularly as the latest crop of graduates are entering the jobs market. This is compounded by the female workers disproportionately affected by cuts in the public sector.