Depending on how you interpret the statistics, there is potentially some good news in the employment market.
According to latest official government figures, (10 November 2009) the number of people who found themselves out of work in the UK in the three months to September, rose by 30,000, however the increase was the smallest since May 2008.
Overall, the level of unemployment reached 2.46m in the quarter, up 30,000 from the three months to June 2009 and up 629,000 from a year earlier.
At the same time, the number of people in work increased by 6,000 to 29 million, marking the first quarterly rise in employment since the Summer of 2008.
The claimant count in October 2009 – where people claim job seekers allowance – was 1.64 million, up 12,900 on the previous month, and up 632,700 on a year earlier. But the claimant count rate was 5.1 per cent, virtually unchanged on the previous month.
Meanwhile, the number of redundancies taking place in the three month period to September 2009, actually dropped by 63,000 when compared with the previous quarter, reaching 205,000, however total redundancies were still up 49,000 on a year earlier.
How to cope if redundancy hits you
If you're out of work or are concerned you may lose your job, there are steps you can take. For help, read our survival guide to redundancy but here are some tips for starters:
Audit your expenditure:
Do an emergency audit of your income as well as outgoings and identify places where you can make cuts, and be ruthless.
Pay off debts:
It may sound strange to begin clearing debts if you’re facing redundancy, but depending on the rate of interest you’re paying on your borrowings, it may make sense to do so, particularly if you’re earning less in interest on your savings. Generally, it costs you more to borrow than what you can earn by saving.
Rainy Day Funds:
At the same time, leave some funds so you have a security blanket in case of emergencies. In times of recession, it is obviously more difficult to find jobs, so emergency funds will take some of the strain away.
Get Help:
If you have a mortgage, inform your lender if you think keeping up with the repayments may become difficult, they may be able to organise a repayment holiday. The Citizens Advice Bureau will also be able to offer other sources of advice and help.
Further Reading:
Insure yourself against the wave of unemployment
Confused.com’s guide to the homeowners mortgage support scheme
A Confused.com guide to mortgage payment protection insurance
