Unemployment figures show uncertain times continuing

With the impact of the global recession and continued economic and financial market uncertainty in the Euro area, indications are that the number of those seeking employment will continue to rise, while both permanent and temporary vacancies decline.

The Chartered Institute of Personnel and Development (CIPD) forecasts that the number of people in work in the UK will fall by 120,000 in 2012 despite a continued ‘productivity pause’ and further real pay squeeze, with unemployment rising to 2.85 million and an annual rate of economic growth remaining below 2% until 2014. Despite the CIPD predicting “a mild rather than major jobs recession”, this is not good news for jobseekers, especially for the badly affected group of 16-24 year olds.

Liz Field, CEO of the Financial Skills Partnership (FSP), believes it is particularly alarming that the financial and accountancy market has been in negative territory for two consecutive months. “I am afraid these are still tough times for job seekers in this sector, in particular for young people starting out in their careers. FSP continues to spearhead recruitment into the financial sector through its state-of-the-art online portal, Directions, which offers young people easy access to detailed, accurate and independent information on over 70 careers in the sector.

“Young people may apply for work placements, apprenticeships and graduate traineeships online. This way, they can start building relationships with employers early, learn what kinds of jobs are available and what skills and behaviours are required in the sector. Though it cannot solve the national unemployment problem, through Directions, FSP is helping to ensure the financial sector will have the skilled workforce it needs to continue to thrive in the future.”