Fall of Jobless Claims in February: Are we seeing Light at the end of the tunnel?

According to the report of the Office of National Statistics there had been a sharp fall in the jobless claims during the month of February. This has come quite unexpectedly at a time when jobless figures recorded a 17 year high back in January this year. The number of people claiming Jobseeker’s Allowance has fallen by 10,200 between January and February 2011 to reach 1.45 million. The number of male claimants has fallen for thirteen consecutive months but the number of female claimants has increased for eight consecutive months.

However, it’s all not good news as there had been a dramatic increase in youth unemployment. The unemployment rate for those aged from 16 to 24 increased by 0.8 on the quarter to reach 20.6% of the economically active population, the highest figure since 1992. The current total unemployment figure in UK stands at 2.53 million, which is 8% of the economically active population. Based on what we see, it seems that the light is a long way away.

Source: uk.reuters.com, bbc.co.uk and statistics.gov.uk

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