Undergraduates worry as unemployment peaks

UK unemployment has risen by 27,000 to 2.53 million, the highest since 1994.

The unemployment rate for 16-24 year olds is up by 0.8% to 20.6%, which equates to a hefty 974,000, while unemployment amongst 18-24 year olds is also at an all-time high at 18.3%.  Inevitably, three out of four students worry they will be out of work when they graduate this year.

A survey by PathMotion has found that over 40% of undergraduates also fear their degree has no relevance to the world of the work, making it harder for them to make their first mark in the world of work.

A tough job market and competition for vacancies is exacerbated by those coming towards the end of their careers that have been forced to stave off retirement to compensate for their unexpectedly low pension packages.  The ONS has stated that the number of over-65 year olds remaining in work has increased to a record high of 900,000.

Depressingly, whilst average earnings (including bonuses) in January have increased by 2.3% over the previous year, inflation runs at 4%.

How have you been affected by the job market?  Get in touch and let us know what you are doing to fight back against rising unemployment.