Figures released today have shown that the number of 16-24 year olds that are unemployed has risen to just over 1.02 million, an increase of 67,000 in the three months to September.
This is the highest figure since the records began, with total unemployment increasing by 129,000 to 2.62 million. Employment minister Chris Gayling told Sky News "It's bad news. It's a situation I find unacceptable."
This news has meant that many Business leaders are preparing for another recession, with a lot of the recruitment freezes that started in 2008 coming back. Businesses are currently very cautious, which is not very helpful in reducing the amount of unemployed graduates.
The stats heap even more pressure on the chancellor to do a lot more to kick start the economy and get unemployment rates a lot lower. The figures also outlined that the number of UK born people in work has dropped by 311,000 in the past year whilst the number of non UK born people has risen by 181,000.
"Today's ugly labour market data will raise concerns that the UK economic recovery is fading away, and that a long-term impact will be felt among the nation's youth," said Chris Williamson, chief economist at Markit.
This Week’s quarterly survey by the CIPD has revealed that UK employers are locked into a ‘wait and see mode’, which has resulted in recruitment freezes and a significant reduction in the number of companies outsourcing work overseas.
Pareto has written a guide on how to build your sales team in a changing world which will enable you to overcome this ‘wait and see’ culture. The guide looks at a new form of sales recruitment; Insourcing and how it can help you to maximise your sales opportunities. Let’s see this as an opportunity for UK businesses to improve sales without the headache of headcount or long term cost risk.
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