by René Lavanchy
Youth unemployment has hit the highest rate on record, raising fears of a “lost generation”. Statistics released this week show that 19.8 per cent of 16 to 24-year-olds were looking for work in the three months to September, the greatest figure since 1992.
There are now 943,000 under-25s looking for work, which combined with a record 300,000 higher education leavers this year means that more graduates than ever are likely to be jobless.
But financial and trade union commentators welcomed the continued slowdown in unemployment growth, which at 2.46 million has failed again to hit the two and a half million mark. The jobless rate is now 7.8 per cent.
Martina Milburn, chief executive of the Prince’s Trust, told The Times: “One in five jobless young people desperately need our support. We cannot let this recession wipe out our young talent.” TUC general secretary Brendan Barber commented: “Today’s unemployment figures… show that the Government’s strategy of investing in jobs and growth is starting to pay off, but warned that investment had to be protected.
Britain’s climb out of recession may be hampered by a lack of spending due to downward pressure on wages. The growth in annual earnings slowed to 1.2 per cent last quarter, the lowest rise for at least eight years.
About The Author
It has been high for a long time in the UK but we tend to hide it with silly training programs. sadly with older people working longer and employers not willing to take on the Young it is up to governments to work something out, like longer in education, but sadly New labour has not got the balls ( no pun to eddy) to do something really great and say OK we are going to make jobs, so what does Brownie boy come up with community work.