There has recently been a rapid decline in the unemployment rate for the United Kingdom during the last quarter this year. About 88,000 people are now employed that were previously unemployed. It has not fallen this sharply since the first quarter of 2000.
Most of the new jobs have been created in the private sector, as the public sector (government) begins to cut jobs and reign-in spending. Almost 90% of the unemployment rate decline can be attributed to young adults (16-24 years old), bringing their numbers down to a two-year low.
In addition, the number of people claiming Jobseeker's Allowance (JSA) has risen by 19,600 people during the same quarter; this is the highest amount of new claimants in over a year. Interestingly, the majority of the new JSA claimants have been men (11,500 of them).
So, breaking it down, the current available jobs are being filled at a quick pace, and more people are applying for benefits. It would stand to reason, then that the job market is "drying up" and more people are looking for work than there is available. However, recently there have been changes in the benefits and qualifications for Jobseeker's Allowance, so it is unlikely that the two (decrease in unemployment and increase in JSA Enrollment) are as related as they might seem.
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That is great that the unemployment rate is decreasing. It is interesting that Job Seeker's Allowance has increased significantly during a time where unemployment is decreasing. Especially since the two probably aren't related.
ReplyDeleteI think its good that England has decreasing unemployment and many countries including Ireland are reigning in government spending. And job Seekers Enrollment is an interesting benefit.
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