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Version 35 | Version 36 |
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Economy tracker: Unemployment | Economy tracker: Unemployment |
(25 days later) | |
Latest news: | Latest news: |
Unemployment fell by 154,000 to below 1.97 million in the three months to the end of August, the first time it has been below two million since 2008, according to the latest href="http://www.ons.gov.uk/ons/rel/lms/labour-market-statistics/october-2014/index.html" >Office for National Statistics (ONS) figures. | |
The number of people claiming Jobseeker's Allowance in August fell by 18,600 to 9651,900, the ONS said. | |
Understanding unemployment:
| Understanding unemployment:
|
Unemployment is referred to as a lagging indicator, because businesses will often delay laying people off as long as they can in difficult times. | Unemployment is referred to as a lagging indicator, because businesses will often delay laying people off as long as they can in difficult times. |
A few months after the start of the recession in 2008, unemployment started to rise sharply. When the global financial crisis hit, the unemployment rate was a little over 5% or 1.6 million. | A few months after the start of the recession in 2008, unemployment started to rise sharply. When the global financial crisis hit, the unemployment rate was a little over 5% or 1.6 million. |
Towards the end of 2009, with the UK coming out of its severest recession since the 1950s, it was almost a million higher at 2.5 million, or 8%. | Towards the end of 2009, with the UK coming out of its severest recession since the 1950s, it was almost a million higher at 2.5 million, or 8%. |
Unemployment peaked at almost 2.7 million at the end of 2011, its highest level for 17 years. | Unemployment peaked at almost 2.7 million at the end of 2011, its highest level for 17 years. |