Unemployment hits 2.6m. Over 1m 16-24 year olds out of work

Graham_Devon

Sadly...

UK unemployment rose by 129,000 in the three months to September to 2.62 million, as youth unemployment also rose above a million.

The jobless total for 16 to 24-year-olds hit a record high of 1.02 million in the quarter.

The Office for National Statistics (ONS) said the unemployment rate also increased to 8.3%.

The number of people out of work and claiming Jobseeker's Allowance rose by 5,300 to 1.6 million in October.

"These figures show just how much our economy is being affected by the crisis in the eurozone," said Employment Minister Chris Grayling.

"Our European partners must take urgent action to stabilise the position," he added.

The unemployment rate was highest in the North East at 11.6% and lowest in the South West at 6.6%.

http://www.bbc.co.uk/news/business-15747103

I do wish the party in power now would stop doing themselves the injustice of blaming whatever is going on at the time. This is a UK issue. The 1.02 million 16-24 year olds out of work is appalling.

HAMISH_MCTAVISH

Graham_Devon wrote: »

The 1.02 million 16-24 year olds out of work is appalling.

Totally agree.

Of course what's even more appalling is that some people still cheer on and hope for a double dip recession and rising unemployment in a misguided attempt to get a cheaper house.

doire_2

HAMISH_MCTAVISH wrote: »

Totally agree.

Of course what's even more appalling is that some people still cheer on and hope for a double dip recession and rising unemployment in a misguided attempt to get a cheaper house.

Someone wishing for higher unemployment is actually worse than 1 million 16-24 year old without a job?

The_White_Horse

i wonder how many job losses came from private sector and how many from public sector.

paulmapp8306

I would imagine a very high % of the 16-24 year olds without jobs never had one to loose. School leavers, Colleage Leavers, University leavers rather than being made redundant.

Sad it is, but theres a much bigger issue than just the youngsters.

Not sure a double dip recession/job losses are the only reason for house price crashes. some yes, but if the lenders arnt lending - it doesnt matter how employed you are. Case in point -I earn £39k and cant currently get a mortgage

Generali

Graham_Devon wrote: »

Sadly...

http://www.bbc.co.uk/news/business-15747103

I do wish the party in power now would stop doing themselves the injustice of blaming whatever is going on at the time. This is a UK issue. The 1.02 million 16-24 year olds out of work is appalling.

What should the parties in power do in your opinion?

You can't borrow more to spend so any additional spending means a cut elsewhere, an increase in taxation, asset sales or printing more money.

Fundamentally the problem, IMO, is that borrowing is bringing consumption forward from tomorrow to today. Well tomorrow has now come and we already had much of the consumption from the current point in time.

Consumption drives most employment. More borrowing (if you can find a lender) will just bring even more consumption forward from a later tomorrow and make the problem worse in the end.

StevieJ

Graham_Devon wrote: »

Sadly...

http://www.bbc.co.uk/news/business-15747103

I do wish the party in power now would stop doing themselves the injustice of blaming whatever is going on at the time. This is a UK issue. The 1.02 million 16-24 year olds out of work is appalling.

What is even more scary is that another 50% of them are in school or University.

StevieJ

Generali wrote: »

What should the parties in power do in your opinion?

You can't borrow more to spend so any additional spending means a cut elsewhere, an increase in taxation, asset sales or printing more money.

Fundamentally the problem, IMO, is that borrowing is bringing consumption forward from tomorrow to today. Well tomorrow has now come and we already had much of the consumption from the current point in time.

Consumption drives most employment. More borrowing (if you can find a lender) will just bring even more consumption forward from a later tomorrow and make the problem worse in the end.

I agree with that for small ticket items but for large items e.g. house. car it improves the ability to purchase.

Graham_Devon

Generali wrote: »

What should the parties in power do in your opinion?

I just stated I wish they would stop blaming things. Be better to not comment at all than to lazily blame the Euro.

It's an injustice to themselves. They need to look at the real reasons, as you have pointed out later in your post.

Before they were in power they actually pointed out that it's going to be tough etc. Now that they are in power, it's blaming the Euro. Unless your Obama, then it's blame the Chinese.

StevieJ

Graham_Devon wrote: »

I just stated I wish they would stop blaming things. Be better to not comment at all than to lazily blame the Euro.

It's an injustice to themselves. They need to look at the real reasons, as you have pointed out later in your post.

Before they were in power they actually pointed out that it's going to be tough etc. Now that they are in power, it's blaming the Euro. Unless your Obama, then it's blame the Chinese.

The Eurozone is our biggest market, if they struggle, we struggle.

AliceJenkins

Time is the solution, nothing else.