The latest figures from the Office of National Statistics show that the number of unemployed in the UK has increased by 49,000 to 2.5 million, with a record number of young people out of work.
The largest quarterly rise in unemployment since August 2009, shows a drop in employment and rise in unemployment, redundancies and early retirement. The number of unemployed in the 16-24 age group is the highest since 1992.
The employment rate for 16-64 year olds for the three months to November 2010 fell by 0.3% taking it down to 70.4%, the greatest quarterly decrease since the three months to August 2009. The number dropped by 69,000 people to 29 million people in employment.
In the same three months to November, 157,000 redundancies were made, up 14,000 and early retirement rates increased by 39,000 – the highest since 1993.
Vacancies for the same period stood at 469,000, with more than five people interested in every job.
Employment Minister Chris Grayling said “These figures serve to underline the scale of the challenge we face. We inherited the largest budget deficit in peacetime history and high levels of worklessness, which we are determined to bring down by rebalancing the economy and supporting private sector jobs growth.”
The Chief Economist of the British Chamber of Commerce David Kern said: “These figures are disappointing and once again slightly worse than expected. We reiterate our forecast that unemployment in likely to increase to 2.6 million over the next year.”