Unemployment in the UK increased by 114,000 for the three months to August to 2.57m people - the highest number since 1994, according to the Office for National Statistics (ONS).
Its latest figures showed that the unemployment rate for the country is now 8.1%, up 0.4% on the previous quarter and the highest rate since the three months to July 1996. Young people continue to be particularly badly hit, with unemployment among 16- to 24-year-olds hitting a record high of 991,000, up 74,000. The jobless rate among young people is now more than one in five, rising 1.6% to 21.3%. Part-time workers also saw record cuts, with numbers down 175,000 over the quarter to 7.78m. In total, there are 29.1m people aged over 16 employed in the UK, down 178,000 on the previ...
To continue reading this article...
Join Investment Week for free
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes