ONS figures show that there are more people working
In addition to the increase in payroll numbers, ONS figures show that there are more people working than quitting, a trend which has been notably apparent since the beginning of the decade.
However, whether such a move is really beneficial for the economy is still up for debate. ONS statistics have shown that the number of people claiming Jobseekers Allowance or other unemployment benefits decreased by 4,000 in Augustarians – 0.3% on average.
Before the start of the year, statistics showed that the number of unemployed workers increased by 8.3% in the month, a level not seen since January 2018. The graphic also shows that wages and salaries decreased over the month, and this was the sixth monthly fall in wages and salaries since the spring of 2020.
Following the monthly average loss of 1.8% since June 2020, wages and salaries have been lower than at any time in the six months prior to the beginning of the recession.
ONS forecast that the unemployment rate is likely to increase from its current 8.3% to 9.3% in the next few months.
This is slightly higher than the average of 10.0% seen over the last six months, but still a substantial figure higher than many other countries which have seen unemployment levels increase. There are many concerns regarding the current economic downturn, but one of the main issues relating to unemployment and lower pay rates is the fact that when the economy is low, fewer people are available to fill positions.
That is not to say that no one will be hired, but; fewer people may be required to deliver the goods and services an organization requires. If a house is being built, no one is going to be employed to deliver the finished product also. Lowered incomes may be seen as the more obvious consequence, but in a time where more and more people are living longer, those of us approaching retirement age are
Having to work to make ends meet in some cases.
While many economists see the worldwide recession as having largely Spotlighted the weaknesses in the developed world economy, there are few major nations that have not seen their unemployment rates increase during 2020 and into 2021.
Some of the more noted recessionary economies include: Argentina, Brazil and Russia. In 2019, unemployment figures in the UK were set to rise to the highest since 2007, according to the Office for National Statistics. While at around 9.6%, unemployment rose to 10.3%.
Experts had already predicted that the rate would rise to as high as 12.5% before the year was over.
UK unemployment statistics, which include all unemployed people, show that the capital is still the most heavily influenced by recession. In the past 12 months, London has experienced job growth in jobs, which has been the highest for any Northern area is usually behind the South East.
The North West has also been favourite among graduates for a reason: The region now has the highest concentration of university graduates, many of whom deal with the seasonal demand of labor. The ONS seasonal worker works report for October 2009, for the three months ending on October 2009, shows that weekly hours worked by employees outside of London rose by 8 working weeks, and by 9% compared to a year earlier. There were fewer workplaces with fewer employees during the latter period.