Despite the fact the surge in unemployment is finally starting to ease, wage growth has slowed dramatically. Analysts have now warned this could hamper the economic recovery.
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The Office for National Statistics said the broadest measure of unemployment showed joblessness at 2.47 million in the three months to August, up 88,000 from the previous three months but a similar level to that it reported for July and one which left the jobless rate steady at 7.9 percent. The City had expected the number to jump through 2.5 million.
Youth employment also wasn’t hit as hard as it was thought it would be. It was believed that it would reach the one million mark, but it remained at 946,000, though that still means one in five of 16 to 24-year-olds are without a job and a third of 16 to 17-year-olds, the Guardian reports.
The narrower claimant count measure, which only counts those claiming job seeker’s allowance,… Read the rest