Youth unemployment figures hit 1 million
Those aged between 16 and 24 who are looking for work has now surpassed the milestone figure of one million.
In data released by the Office for National Statistics, which has been described as truly shocking, it shows that an increase of 67,000 young adults out of work has occurred in the last quarter.
This puts the total figure at 1.2 million, making the unemployment rate for the age group 21.9 per cent, which is a record level since records began in 1992.
Similarly, there are now a total number of 2.62 million people unemployed in the UK after a further 129,000 found themselves without a job in the last quarter.
Numbers haven’t been that high since 1994 and the rate of job hunters in general stands at 8.3 per cent, which again hasn’t been seen since 1996.
What this means for the country is that 1.6 million people claimed Jobseeker’s Allowance in October as the number relying on the benefits climbed for the eighth month is a row.
The situation has been blamed on the problems being faced by the eurozone and Chris Grayling, the employment minister, has called for urgent action in order to return stability to the jobs market.
A series of government initiatives have been put in place in order to help the younger members of the population find work, but it is growth that is needed in order for the jobs to be there.
Unions have spoken out about the government’s woeful response to youth unemployment, stating that there is a risk of losing a generation of talented young people to a lack of jobs.
John Walker, chairman of the Federation of Small Businesses, said: “Youth unemployment figures are truly shocking and with more than one million young people unable to find a job, the government must wake up and take action to turn this around.”
Even well established companies are scaling back on their workforce with British Gas having just announced its intention to cut 850 management and support jobs.