UK unemployment rate rises to 6.7%
The number of jobless in the UK has risen by 6.7% in the last quarter.
According to the Office of National Statistics (ONS), the number of people unemployed in the UK has risen by 177,000 to 2.1 million between December and February.
The number of people unemployed in the country at the moment is the highest it has been since 1997.
The number of people claiming Jobseeker’s Allowance has also risen by 73,700 in March to 1.46 million, which is fewer than expected.
In the three months to February, the annual rate of growth in average earnings, including bonuses, was 0.1%, down from 1.7% previously. The fall in rate is mainly attributed to smaller and fewer bonuses being awarded in the financial sector.
Redundancies have also seen a dramatic increase, rising by 45,000 over the quarter to 162,000 for the year. This is the highest figure since records began in 1995.
The number of job vacancies has also significantly fallen over the quarter, down 230,000 over the year, which according to the ONS is the lowest figure since comparable records began. Most sectors have experienced a fall in job vacancies; with the hospitality, finance and distribution sectors suffering most.
