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Eight million short of work in UK
Wednesday December 12th 2012
A new study has discovered that as many as eight million people have been short of work in the UK this year.
A total of three million people have been under-employed and 2.3 million have been economically inactive, adding to 2.5 million unemployed people, which makes the work shortage rate three times higher than the unemployment rate at 23.2%.
The director of The Jobs Economist, Dr John Philpott, says that straightforward unemployment levels have not been as bad as feared at the beginning of the financial crisis but the effects have been felt in different ways.
"The degree of pain inflicted on the labour market has been as severe as expected it's just that the pain has been diffused differently than in previous recessions," he said.
The figure of eight million is reportedly 375,000 more than in the middle of 2011 and Dr Philpott said that recent job creation has been welcome but millions of people are "feeling a real pay squeeze" and more pain could be on the horizon.
"While the temperature gauge is set to rise in the coming years, the labour market looks set to experience sub-zero conditions for much of the remainder of this decade," he added.
Copyright Press Association 2012
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