Unemployment Falls Again

mitchaa

Not good news for Scotland however, our unemployment rate has rocketed.

http://www.bbc.co.uk/news/uk-scotland-scotland-business-11310730

Around 9mths ago, Scotland had a lower rate than the UK average by 0.6%, now it has swung the other way and we are now upto 8.9% in comparison to the UK average of 7.8%

http://news.bbc.co.uk/1/hi/scotland/8354225.stm

Generali

Chris2685 wrote: »

Slightly off topic, but you're pretty knowledgable about these things Generali. I was wondering how much of a 'real' pay cut it is to not have a pay rise for the past 3 years? This is the case for me and around 5 of my colleagues.

Say we are being paid £20 an hour if a figure is required.

What was the month and year of your last rise.

Chris2685

Never. I started work here and never had a pay rise. It is different for all of us, as we started at different times, but for me I started in June 2007

doire_2

Many economists fear unemployment will rise later in the year when government cuts begin to kick-in.
There is concern that the UK's labour market will not be strong enough to support the public sector job losses looming under next month's spending review.
The fall in unemployment was below the drop of about 40,000 which observers had expected.
"The labour market data is both disappointing and worrying overall, fuelling fears that the improvement in the labour market is coming to an end as companies' fears mount over the strength and sustainability of the upturn," said Howard Archer, chief UK and European economist at Global Insight.
"This is even before public sector job cutting really gets underway

:eek:


Not looking good at all is it

Generali

Chris2685 wrote: »

Slightly off topic, but you're pretty knowledgable about these things Generali. I was wondering how much of a 'real' pay cut it is to not have a pay rise for the past 3 years? This is the case for me and around 5 of my colleagues.

Say we are being paid £20 an hour if a figure is required.

If you want to know inflation over a period you take this table:

http://www.statistics.gov.uk/downloads/theme_economy/rp02.pdf

This contains the monthly RPI index figure.

You want since June 2007 so take the figure for that date and the figure for your end date, which in this case is the most recent. RPI in June 2007 was 207.3, RPI in Aug 2010 was 224.5. So RPI over the period =

(end RPI - start RPI) / start RPI
(224.5 - 207.3) / 207.3
= 8.3%.

For your £20/hour to buy the same now as in June 2007 your wages should have risen by 8.3% to £21.66 (=£20*1.083). To put it another way, you earn the equivalent of £18.47 (=£20/1.083) on your start date today.

Now you can work out how much your boss has stiffed your mates for too!

Generali

ninky wrote: »

i found this bit quite interesting....hardly the flood of immigrants stealing our jobs that some would like to believe in.

The number of UK born people in employment (not seasonally adjusted) was 25.08 million in the
three months to June 2010, down 15,000 on a year earlier. The number of non-UK born people in
employment (not seasonally adjusted) was 3.85 million, up 114,000 from a year earlier.
The employment rate for UK born people aged from 16 to 64 (not seasonally adjusted) was 70.9 per
cent in the three months to June 2010, down 0.5 percentage points on a year earlier. The
corresponding employment rate for non-UK born people was 66.5 per cent, up 0.5 percentage points

on a year earlier.

I thought the changes were interesting. 'Indigenous' employment fell whereas 'immigrant' employment rose.

Chris2685

Generali wrote: »

If you want to know inflation over a period you take this table:

http://www.statistics.gov.uk/downloads/theme_economy/rp02.pdf

This contains the monthly RPI index figure.

You want since June 2007 so take the figure for that date and the figure for your end date, which in this case is the most recent. RPI in June 2007 was 207.3, RPI in Aug 2010 was 224.5. So RPI over the period =

(end RPI - start RPI) / start RPI
(224.5 - 207.3) / 207.3
= 8.3%.

For your £20/hour to buy the same now as in June 2007 your wages should have risen by 8.3% to £21.66 (=£20*1.083). To put it another way, you earn the equivalent of £18.47 (=£20/1.083) on your start date today.

Now you can work out how much your boss has stiffed your mates for too!

Thanks Generali.

That really sucks, I am 8.3% worse off than I was 3 years ago, and one of my colleagues is 12.5% worse off!

Generali

Chris2685 wrote: »

Thanks Generali.

That really sucks, I am 8.3% worse off than I was 3 years ago, and one of my colleagues is 12.5% worse off!

It could be worse, 150% more people than 3 years ago are 100% worse off in terms of the wage they are paid by their employer.

markharding557

ninky wrote: »

i found this bit quite interesting....hardly the flood of immigrants stealing our jobs that some would like to believe in.

The number of UK born people in employment (not seasonally adjusted) was 25.08 million in the
three months to June 2010, down 15,000 on a year earlier. The number of non-UK born people in
employment (not seasonally adjusted) was 3.85 million, up 114,000 from a year earlier.
The employment rate for UK born people aged from 16 to 64 (not seasonally adjusted) was 70.9 per
cent in the three months to June 2010, down 0.5 percentage points on a year earlier. The
corresponding employment rate for non-UK born people was 66.5 per cent, up 0.5 percentage points

on a year earlier.

If those 3.85 million non uk people were not here occupying 3.85 million jobs there would be no one on the dole.

Chris2685

markharding557 wrote: »

If those 3.85 million non uk people were not here occupying 3.85 million jobs there would be no one on the dole.

Wanna bet?