UK is experiencing an alarming situation in the unemployment sector, where the unemployment figure has raise to 27, 0000

UK is experiencing an alarming situation in the unemployment sector, where the unemployment figure has raise to 27, 0000 in only three months making a total to 2.53 million employed people. This unemployment figure is the highest since last 17 years where in 1996 the difference was not big as well. Another record of age demographics in unemployment was broken during this period as the unemployment among 16 to 24 years old people raised to 20.6% which was only 0.8% in the previous years. The 20.6% also includes the students who are now willing to job because of the high inflation and change in lifestyle and trends to earn money.Globally, the fresh graduate or new entrant age sector that is employed is considered to be 18 to 24 years bracket. In UK, this age bracket of 18 to 24 years has also unfortunately showed a rise in unemployment rate, where the percentage has reached to 18.3% which is again very high considering the average similar age demographic segment of 10%. These figures and facts were disclosed by ONS, where the research report also communicated that the average earning in January were 2.3% higher than what it was during January 2010. This is mainly because companies throughout UK have declared good bonus and profits and have showed some good progress in business, which are good signs and a sigh of relief for the unemployed people.The Wage growth in UK is higher than what is expected and according to the experts’ prediction, the Bank of England will not put pressure on the banks to raise their interest rates.

Job Cuts in UK Public Sector

Contradicting to the scenario of unemployment, the employment sector has experienced significant changes as well. The age demographics in the employment sector have changed, where companies have focused more on experienced professional rather than fresh market employees. A record employment of age bracket between 50 to 64 years has increased to 7.3 million, which includes 25,000 employment increases during the last three months. The Public sector in UK is more affected than government sector, there the employment of average age from 18 to 30 years feel by 45,000 as compared to government sector there it fell by 24,000. Although there have been about half a million job vacancies opened during the last three months but since the unemployment rate is very high and companies are more concerned about experienced professionals about one third of these vacancies are yet to be filled. UK’s Prime Minister, David Cameron admitted that the youth unemployment numbers are disappointing, however they have a mixed picture of employment and unemployment, however the government is making efforts to overcome the problem and come up with policies that can provide employment to the UK people.UK, Employment Minister, Chris Grayling has developed hopes that the situation will become better in the second half of 2011. He emphasized that the business are making progress and growing that will result in employment and the private sector will have substantial growth in the coming time.