The number of people out of work in Britain has hit 1.79m and there are warnings that the figure is set to hit 2m before the year is out.
The figures announced today reveal that 5.7% of the workforce is now unemployed, with the number of Jobseeker’s allowance claimants now reaching 939,900 in September, according to the Office of National Statistics.
The rise from 5.2% represents the biggest single increase in unemployment since 1991 and has been blamed on the current economic downturn – particularly in the property industry.
There were also warnings that the unemployment would hit the two million mark before Christmas and at least one forecast, by Capital Economics, suggested it could reach three million by Christmas 2010.
Midland’s based Cadbury Plc has just announced 580 job losses and ITV, Britain's largest commercial broadcaster, is cutting around 1,000 jobs across many of its regions.
Also highlighted in the report, average annual earnings growth slowed to 3.4% in the three months to August - the weakest level in five years and a sign that headline inflation was not being reflected in wages.
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