Archive for the ‘Unemployment Rate’ Tag
Unemployment & the £1Billion saving
Filed under: Zoe's Blog | Tags: Career, Economic Downturn, Economic Recovery, Part-Time Employment, Unemployment, Unemployment Rate
Leave a Comment As reported by many sources this morning – experts believe Alistair Darling could be in line to receive a £1 billion dividend from lower than expected unemployment figures in time for next week’s Budget.
Sounds like good news right?
In truth I’m not so sure. Why? Here are the simple facts:
- The number of people claiming unemployment benefit had fallen at the fastest pace in 13 years last month. Alongside this unemployment also dipped for the third month in a row. +VE
- The number of long-term unemployed — those out of work for a year or more — jumped by 61,000, or nearly 10 per cent, in the three months to January. -VE
- Unemployment dropped to 2.45 million in the three months to January, according to the ONS. +VE
- The rate of employment, measuring the number of people in work, also fell to a 13-year low of 72.2 per cent. The number of people in work dropped by 54,000 to 38.8 million in the three months to January. –VE
- The number of people claiming jobseeker’s allowance in February dropped from 1.63 million in October last year to approx. 1.58 million people. +VE
- The number of people dropping out of the jobs market altogether has risen sharply. Indeed “economically inactive” people — those who cannot work because they are studying, sick or looking after children — climbed by nearly 150,000 to a record 8.1 million in the three months to January*1. –VE
- Independent forecasts that the jobless total will now peak at a lower level than expected (hence the saving accruing to Mr Darling due to decrease benefit payments). +VE
- More than one in four people in Britain of working age is now either unemployed or not looking for work. -VE
Summary:
There are definitely some good positives, but also enough offsets (or warning signs) that it would be premature to say we’re out of the woods in terms of jobs. In truth whilst a lot of us are feeling more positive*2 not even the most aggressive economist will be able to make that call (with any degree of confidence) until such time that we see true meaningful economic growth.
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*1 figures from the Office for National Statistics (ONS)
*2 Warning: an overly positive outlook is a common character trait of start-up employee.
Unemployment & the (Female Part Time) White Knight.
Filed under: Zoe's Blog | Tags: Career, Economic Downturn, Green shoots, Jobseekers, Part-Time Employment, Salary, Unemployment, Unemployment Rate
Leave a Comment Unemployment unexpectedly fell for the first time in 18 months in November 09, with the Office for National Statistics stating that the broadest measure* of unemployment fell by 7,000 to 2.458 million, leaving the jobless rate at 7.8%. Good news right?
Largely yes, although it must be said the headline figures mask a number of slightly worrying trends, chiefly:
- The number of people in the labour force who are neither working nor looking for work, with the inactivity total rising above 8 million for the first time since records began in 1971.
- Full-time employment fell by 113,000 to 21.2 million, while part-time employment did not rise fast enough to compensate, increasing by 99,000 to 7.7 million. These figures are following the trend of women finding part-time jobs while men, predominantly, are losing full-time ones.
- Whilst the under-24s joblessness rate fell by 16,000 to 927,000, this still left a fifth of young people out of work.
- The long term unemployed (i.e. the number of people out of work for more than a year) jumped 29,000 on the quarter to 631,000, the highest level since late 1997.
- The ONS reported that wage growth slowed to the lowest on record at just 1.1% year-on-year (excluding volatile bonus payments in the three months to November).
So, what does all this mean?
- We’re clearly not out of the woods yet.
- The next set of figures will be extremely revealing as we could reasonably expect that some of the part time jobs created in the lead-up to Christmas will have been cut. The question will then become whether we will have seen sufficient growth (or reduced decreases) in full time roles to offset this.
- The young and the regional worker is still extremely vulnerable.
- The lack of wage growth (and the potential for reduced household incomes where part time workers are replacing full time) could affect consumer spending this year – which could in turn lead to further employment pressures.
Encouraging start to the year definitely! Green shoots perhaps to early to say, but let’s hope.
Regards,
Zoe
* The narrower measure of people claiming unemployment benefits also dropped by more than expected in December, falling by 15,200 to 1.61 million, the biggest drop since early 2007.
The employment landscape and how can you thrive in it?
Filed under: Paul's Blog | Tags: Economic Downturn, Jobseekers, Top Job Hunt Tips, Unemployment Rate
Leave a Comment When it comes to unemployment forecasts, it’s difficult to know who – or what – to believe.
Just take a look at the data:
- In July 2008, the OECD was predicting a 100,000 rise in UK unemployment over the course of 2009 and 2010.
- Two months later, the CBI forecast an unemployment surge of 450,000 by the end of 2009, meaning that over two million people would be looking for work by Christmas.
- And just as we were digesting this news, the Institute for Public Policy Research painted an even bleaker picture, stating that unemployment would exceed three million during 2009.
Who’s right, who should we believe, more importantly what can you do as a job seeker to thrive in these uncertain times? None of us can influence the future or the economic landscape around us; instead I believe it’s time to focus on YOU.
Here are my top five tips:
- Stand out. With increased competition its critical you stand out to potential employers. How – you could use Zookel’s your career focus profile and video CV to show why you’re a great candidate, work for free for a week to prove yourself, or use blogs and forums to build your personal brand.
- Network, network, network. The people in your network know your skills, strengths and ambitions. So whether it’s your former colleagues on LinkedIn or friends and family on Facebook, why not use this to your advantage?
- Look for pockets of positivity. New funding = new jobs, so it’s worth assessing whether you can transfer your skills to a growth sector you haven’t considered before. For example could your skills transfer to the charities sector where the government has recently announced £42.5 mil in new funding?
- Update your skills and knowledge. Now’s the time to ensure your skills and knowledge are completely up to date. Whether it’s attending conferences and webinars, or enrolling in longer term University or College courses, the key is: know your area and stay in the loop!
- Be prepared. You’ve found the perfect role and got an interview, so don’t blow it by not being prepared. Find out as much about the company as possible. Review official reports (like the ones on Zookel), the company website, and news aggregators like socialmedian In short, do whatever you can to ensure that you’re ready to shine at the interview.
In my view, the current economic conditions and the Web 2.0 revolution mean the ‘traditional’ job search is dead.
You need to do more than write a CV, send it out, sit back and wait for a call. You have to work as hard to get a job as you will once you’ve got it.
So be proactive, use all the tools at your disposal and put yourself at the front of the pack and good luck!
Paul & Team Zookel
