UK unemployment now higher than at anytime during the recession – youth unemployment highest since records began
Today the Office for National Statistics released the unemployment figures for the UK and it was grim reading. The unemployment rate in the UK is now 8.4% – it is now higher than at any point during the ‘recession’.
As we’ve talked about many times last year the reason that the unemployment rate is at recession highs is because the UK never really left the recession that started in 2008 – sure the ONS might point to some statical aberrations that show the economy is ‘growing’, but in reality the economy is not growing – sure they’ve managed to make the GDP go up but this only reflects the massive inflation they’ve created. If the ONS used an honest deflator (read here, here and here for our previous analysis on the deflator) when calculating the GDP number it would clearly show the UK in a recession – something the 2.68m unemployed would tell you in a heartbeat.
From the release:
- The employment rate for those aged from 16 to 64 was 70.3 per cent, down 0.1 on the quarter. There were 29.12 million people in employment aged 16 and over, up 18,000 on the quarter.
- The unemployment rate was 8.4 per cent of the economically active population, up 0.3 on the quarter. There were 2.68 million unemployed people, up 118,000 on the quarter. The unemployment rate has not been higher since 1995 and the number of unemployed people has not been higher since 1994.
- The inactivity rate for those aged from 16 to 64 was 23.1 per cent, down 0.2 on the quarter. There were 9.29 million economically inactive people aged from 16 to 64, down 61,000 on the quarter.
- Total pay (including bonuses) rose by 1.9 per cent on a year earlier, down 0.2 on the three months to October 2011(with both the private and public sectors showing lower pay growth)
- Regular pay (excluding bonuses) rose by 1.9 per cent on a year earlier, up 0.1 on the three months to October 2011.
The unemployment rate for the three months to November 2011 was 8.4 per cent of the economically active population, up 0.3 on the quarter. The unemployment rate was last higher in the three months to November 1995. The total number of unemployed people increased by 118,000 over the quarter to reach 2.68 million. The number of unemployed people was last higher in the three months to August 1994. The number of unemployed people aged from 16 to 24 increased by 52,000 over the quarter to reach 1.04 million; this figure includes 313,000 people in full-time education who were looking for work. The unemployment level for people aged from 16 to 24 was the highest since directly comparable records began in 1992. However earlier data, calculated on a slightly different basis, indicates that the level of youth unemployment was higher in the mid-1980s.
Just look at amount of 16-24 unemployed, now over 1m – this is higher than at anytime since records began.
There is also an interesting section looking at the amount of work days lost due to employees on strike:
These estimates measure disputes (ie, strikes) connected with terms and conditions of employment. In November 2011, there were 988,000 working days lost from eight stoppages. In the twelve months to November 2011, there were 1.38 million working days lost from 134 stoppages. Most of the working days lost in November 2011 were due to a one day strike by several trade unions in connection with a dispute over proposed changes to pensions for some public sector workers.
On a chart we can see just how big a jump this is:
Today’s horrible unemployment numbers coming after yesterday’s ‘fall’ in inflation is probably all the BoE needs to reach yet again for those worn out printing presses and print more money this quarter.
No doubt there will be some in the media who attribute this rising unemployment to the UK government’s ‘austerity’ – those wanting to educate people who spout this complete fallacy should read this, this and this – in short there have been no cuts at all in the UK and high spending under the Labour party has been continued just as much by the Tories.
No difference between the 3 main parties? Who’d thunk it.
- UK unemployment now higher than at any time during the recession
- UK unemployment rises 80,000 – quantitative easing / money printing all but guaranteed
- Unsurprisingly UK unemployment data is horrible – how far off is BoE stimulus?
- Gold ends up having its second highest monthly close… ever
- The Economissed: …oh the youth of today – go get a haircut!
Link to this article: : http://www.goldmadesimplenews.com/gold/uk-unemployment-now-higher-than-at-anytime-during-the-recession-youth-unemployment-highest-since-records-began-6004/