Unemployment still matters. Fortunately the unemployment rate has been trending down in the UK, from 7.9 per cent in May 2010, to a high of 8.4 per cent at the end of 2011, to the latest estimate of 6.9 per cent. The number of unemployed has fallen by 414,000 over this period.
But those positive moves hides a multitude of sins. First, the unemployment rate of those under 18 is 21.7 per cent and 17.2 per cent for those ages 18-24. There are still 881,000 unemployed youngsters under the age of 25, of whom 600,000 are not in full-time education. Second, the unemployment rate of Pakistanis is 17 per cent; 18.6 per cent for Bangladeshis; and 15.9 per cent for Black/African/Caribbeans.
Third, long-term unemployment has risen. In the latest data, 807,000 had been unemployed for at least a year, of whom 244,000 were under 25. Fourth, the groups that experience high levels of unemployment are hit by a double whammy; even when they get jobs they are often underemployed, many being forced into part-time and temporary jobs when they want full-time. Read More.
