Despite rise, unemployment “remains on track to peak below 7%”, says IEA expert
IEA Economics Fellow Julian Jessop responded to the latest unemployment figures published by the Office for National Statistics (ONS), showing a rise from 4.5% to 4.8% in the three months to September
“The further rise in unemployment is unwelcome, but it’s worth emphasising how low unemployment still remains, considering the huge hit to economic activity.
“This is partly due to continued government support, including the furlough scheme, but is also a tribute to the flexibility of the UK labour market.
“Other European countries have provided similar government support but have still seen unemployment rise to far higher levels; average unemployment in the eurozone is 8.3% compared to less than 5% in the UK.
“Unemployment remains on track to peak below 7%, which is far lower than many feared.”
Notes to editors
For media enquiries, please contact Emily Carver, Head of Media, on 07715942731 or email@example.com.
Julian Jessop is available for interview and further comment.
For further reading on how high unemployment might rise, click here.
The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems. The IEA is a registered educational charity and independent of all political parties.
Latest News from
IFS - The number of new disability benefit claimants has doubled in a year07/12/2022 16:20:00
The number of working-age people received PIP payments doubled between July 2021 and July 2022. This report investigates that increase.
IEA - The RMT’s Christmas chaos threatens the future of British rail07/12/2022 14:20:00
Professor Len Shackleton, Editorial and Research Fellow at free market think tank the Institute of Economic Affairs Commented on the RMT’s announcement of a series of Christmas strikes
IPPR - Revealed: Mental health problems ‘most common condition’ among the sick forced out of UK workforce07/12/2022 13:20:00
Mental health problems are the most common condition among working age people economically inactive due to poor health, according to a state of the nation audit by IPPR.
IPPR - A ‘universal childcare guarantee’ for children up to 11 would boost economy by extra £13 billion a year, report finds07/12/2022 12:20:00
A ‘universal childcare guarantee’ for children up to 11 would boost economy by extra £13 billion a year, report finds
IEA - Local revenue raising powers are key to implementing meaningful devolution05/12/2022 16:20:00
Matthew Lesh, Head of Public Policy at the Institute of Economic Affairs commented on the Labour Party’s A New Britain report
IPPR - Revealed: the health inequalities holding back growth in key areas of the UK05/12/2022 15:20:00
Ill health undermining levelling up as workers in North East twice as likely to be forced out of labour market by sickness as people in South East
IEA - Wrong for soldiers to bear the brunt of “union intransigency”30/11/2022 13:20:00
Professor Len Shackleton, labour market expert at free market think tank the Institute of Economic Affairs Comments on the ongoing industrial action and threats of further strikes, including paramedics and ambulance workers
IEA - Return of the Online Safety Bill “a crucial opportunity for parliamentarians to reconsider its most problematic elements.”24/11/2022 16:10:00
Matthew Lesh, Head of Public Policy at the free market Institute of Economic Affairs commented on the return of the Online Safety Bill to Parliament