Five thousand jobs cut in a day
November 14, 2008 by Admin
Vicky Redwood
Yesterday more than 5,000 job losses were announced as an economist warned that unemployment would hit record levels in the worst downturn for 25 years.
According to Vicky Redwood of Capital Economics, the number claiming unemployment benefit would jump by 40,000 when official figures were announced today, taking levels close to the million mark. She went on to say that it is merely the tip of the iceberg and that overall unemployment figures would reach 3.3 million by 2010, more than the previous high of 3.278 million recorded in 1984.
She also said that there is usually a lag of about six months before the labour market reacts to this kind of change in the economy: “We have not seen the full effect of the recent slowdown in the economy, let alone the full force of the recession.”
