"Young people are bearing the brunt of Britain's jobs downturn, according to a report, before official figures this week that are expected to show the UK unemployment rate rising to 5.1%. The Resolution Foundation thinktank said a jobs deficit was pushing a growing number of graduates and non-graduates into unemployment as employers reduced hiring. City economists expect the unemployment rate to have edged up from 5% in September to 5.1% in October, in Tuesday's update from the Office for National Statistics."
"Nye Cominetti, the thinktank's principal economist, said: In recent years, public debate has centred around an inactivity crisis' caused by ill health and disability. But while rising levels of health-related inactivity are a big problem, rising unemployment is the forgotten driver of Britain's current jobs downturn. Young people again find themselves at the heart of this downturn, just as they were in the wake of the financial crisis and Covid. Policymakers and employers need to redouble efforts to support them."
UK unemployment is expected to rise to around 5.1% as hiring slows and a jobs deficit pushes more people into unemployment. Graduates and non-graduates alike are losing jobs as employers cut recruitment across public and private sectors. Rising health-related inactivity remains a significant problem, but rising unemployment is identified as a primary driver of the current labour market downturn. Several forecasters warn unemployment could reach 5.5% next year as companies retrench amid higher taxes, weak consumer confidence and sluggish growth. A modest easing of inflation to about 3.5% could prompt the Bank of England to cut interest rates slightly.
Read at www.theguardian.com
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