The UK unemployment level registered yet another sharp rise over the three months to November 2008, according to the latest official unemployment figures reported on XpertHR today (subscription required).
Today's data show that:
- unemployment has reached 1.92 million on the International Labour Organisation (ILO) definition in the three months to November 2008;
- the unemployment rate rose to 6.1% over this period, up from the 6% level reported a month ago.
The rising unemployment level has therefore stopped just short of the psychologically important two million level, but seems all but cetain to top this figure when the unemployment data for the three months to December 2008 are published on Wednesday 11 February 2009.
The latest official unemployment data are yet to reflect the mounting wave of job losses seen at the close of last year.
As we recently noted, all this is likely to have a significant impact on pay awards as the year unfolds: employees are less likely to push for higher increases in light of widespread concerns about job security.
Our next monthly analysis of whole economy pay trends - focusing on the three months to 31 December 2008 - is published to XpertHR's pay and benefits homepage (subscription required) on Friday 23 January 2009.
- 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.
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