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UK Unemployment Breaks above 2 million During December

Economics / UK Economy Dec 18, 2008 - 10:38 PM GMT

By: Nadeem_Walayat

Economics Best Financial Markets Analysis ArticleUK unemployment crept up by 39,000 for September to 1.864 million, and remains on target to break above 2 million on release of data for December 2008. The unemployment claimant count surged in November by nearly 10% to 1.056 million, up 86,000 on the month and confirming that the pace of unemployment is fast accelerating which compares against Octobers rise of 25,000 and September's rise of just 20,000.


My original UK unemployment forecast is for unemployment to rise to just above 2.5 million by April 2010, however the UK economy continues to deteriorate at an alarming rate with projections of a severe recession of more than a 3% GDP contraction implies that the UK is heading for an unemployment rate that could pass above 3,000,000 , this despite the fact that he unemployment statistics are heavily manipulated to under report true unemployment which would be some 6 million higher if all those of working age (16 to 64) were included in the data. The real number of unemployed in the UK now stands at 7.9 million, up 12,000 in September as the below graphs illustrate.

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By Nadeem Walayat
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Nadeem Walayat has over 20 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis specialises on the housing market and interest rates. Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication. We present in-depth analysis from over 150 experienced analysts on a range of views of the probable direction of the financial markets. Thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

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