In our recent biannual report on the UK economic outlook, we noted that Bank of England Monetary Policy Committee member David Blanchflower was among the most pessimistic pundits (subscription required) when it came to assessing the likely fortunes of the UK labour market. Blanchflower had predicted in an August 2008 interview that the UK jobless total would reach two million by Christmas 2008 (external website).

Blanchflower's view now appears worryingly prescient, with today's unemployment figures representing an 11-year high (external website).

These latest official figures follow on from last week's survey from the Recruitment & Employment Confederation (REC) and consultants KPMG, which found that October 2008 saw overall demand for temporary and permanent staff record its sharpest falls since the survey began in October 1997.

At this rate, the next round of unemployment figures - due to be published on 17 December 2008 - will make for distinctly unwelcome pre-Christmas reading.

• Has your organisation recently carried out an annual pay review? If so, and if it has now been settled, please get in touch so that we can add your organisation's pay award to the IRS database.