The office for National Statistics (ONS) has just released updated figures announcing that UK unemployment rose yet again by 44,000 to almost 2.5 million in the three months to the end of December 2010. Youth unemployment has also grown to a fresh record high, with more than one in five 16 to 24-year-olds out of work. The UK unemployment rate is now 7.9% with youth unemployment running at 20.5% and Graduate unemployment at an even 20.0%.“I think we’ve got a long way to go and I want to see these figures start to come down,” said Employment Minister Chris Grayling. It appears however as though the worst may not be behind us. Howard Archer at HIS Global Insight believes that unemployment is likely to trend up gradually in 2011 in the face of below-trend growth and increasing job losses. Indeed, most analysts agree that unemployment is expected to rise in the coming months, largely because of public sector spending cuts implemented by the government.
Recent reports have indicated that young people are becoming disillusioned with the employment situation in Belfast. “In the face of more news on rising unemployment levels it must be very easy for unemployed graduates and non-graduates alike to lose hope,” says Matthew Goodchild, Managing Director of MSG Elite Marketing. “Marketing companies are in an enviable position in the current climate, as the less people have to spend, the more large brands invest in the marketing of their products, and as a result we have been one of the only market areas to see consistently rising employment figures.”
MSG Elite Marketing represents clients in an array of industry sectors in Belfast and receives over two hundred applications per week from individuals who have discovered these niche opportunities in Marketing, ranging from youth and recent graduate applicants to experienced candidates. “With new clients always looking to share in the success that we have generated for our existing clients, we have been very fortunate to experience this level of growth,” continues Matthew. “We are just one example to prove that there are still companies recruiting despite the climate, and people shouldn’t give up hope, regardless of their circumstances.”
With analysts also predicting that rising unemployment will have a self-propagating effect by slowing retail sales and causing further increases in unemployment, it is likely that more and more young people in the UK may start to look to industries like Marketing rather than the traditional youth-employing retail and leisure industries for the career opportunities they seek.
Graduate dropout rate: http://www.journalism.co.uk/press-releases/university-drop-out-and-graduate-unemployment-to-match-number-of-young-people-entering-apprenticeships/s66/a542675/
UK unemployment rates: http://www.bbc.co.uk/news/business-12477563
HIS Global Insights and cabinet quotes from http://www.bbc.co.uk/news/business-12477563