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The labour market is on a dangerous trajectory, as today’s numbers confirm that our private sector recovery has stalled.
Cities outside of London and the South East are at risk of being left behind by the economic recovery unless the government adopts a less centralised growth and innovation policy.
The Work Foundation
Responding to the Chancellor’s Autumn Statement today, Ian Brinkley, director of The Work Foundation, said: “The Chancellor has signalled some of the right long-term priorities – investment in infrastructure, support for enterprise and more help for young people.
Market confidence in the recovery and deficit reduction plan could collapse unless the government comes up with a credible strategy for reviving the UK economy.
A report published tomorrow (4 November) by The Work Foundation and Private Equity Foundation has uncovered ten blackspots for youth disengagement - cities where between one in five and one in four young people are not in education, employment or training (NEET).
Commenting on today’s GDP figures, Andrew Sissons, researcher at The Work Foundation, said:“Growth of 0.5% is an unexpected piece of goods news for the economy. It is particularly encouraging to see growth in business services, which will be key to the recovery, although growth in the production sector of the economy remains relatively slow.
Commenting on today’s labour market statistics, Ian Brinkley, centre director at The Work Foundation, said:“The labour market figures released this morning are very troubling. The fall in employment of 180,000 in a single quarter is comparable to the quarterly losses seen during the depths of the last recession.“Unemployment among young people between the ages of 18 and 24 is increasing twice as fast as for the workforce as a whole and there has been a dramatic increase in long-term (>12 months) youth unemployment.
The government must back five key areas to secure jobs growthCommenting on today’s labour market statistics, Andrew Sissons, researcher at the Big Innovation Centre, based at The Work Foundation, said:“The labour market has taken a dramatic turn for the worse. With the economy barely growing over the last year, it was only a matter of time before we began to see a serious rise in unemployment. The private sector is not creating new jobs quickly enough to replace those being lost in the public sector. Young people have borne the brunt of this pain as they often lack the skills and experience to compete in what is an increasingly tough labour market.
Commenting on today’s labour market statistics, Ian Brinkley, centre director at The Work Foundation, said: “The labour market recovery has come to a shuddering halt. The few new jobs created were largely temporary, and with so few new full-time jobs on offer, there was a big jump in the number of people forced to take part-time work. Even more worryingly, the rise in unemployment measured by the ILO definition was concentrated among some younger age groups. With few signs that the recovery will significantly gather pace over the next six months, the prospects must be for higher unemployment by the end of the year.”
Commenting on today’s GDP figures, Andrew Sissons, researcher at The Work Foundation, said: “Today’s figures confirm the long-standing suspicion that the economic recovery is struggling to gain momentum.
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Only the knowledge economy can provide the jobs and balanced growth needed to secure the UK’s future prosperity, according to a plan for growth published tomorrow (29 June) by The Work Foundation. The report sets out a vision of what a balanced and sustainable economy could look like in 2020 and provides a detailed picture of the measures needed to secure this future.