Mark Holweger, Director of Legal & Generalâ€™s general insurance business comments on the fall in unemployment, announced in todayâ€™s ONS stats.
20 February 2013
Today’s ONS announcement on unemployment statistics* shows that the number of people that are unemployed in the UK had dropped by 14,000 to 2.50million, for the period October to December 2012.
Mark Holweger, Director of Legal & General’s general insurance business; “It’s surprising to see a fall in unemployment in today’s official figures, as all other signs point to the UK economy remaining very fragile. Anecdotal evidence on the high street also goes against these official figures, with a number of well-loved brands such as Jessops and Republic being forced to call in administrators** and Costa Coffee being flooded with over 1,700 applications for just eight jobs***.This could be attributed to the continued expansion of the labour force, as despite employment rising in the last quarter, there are still a high number of people looking for work.
Legal & General’s Job Security Index provides a more ‘up to the minute’ picture of workers’ views on their job security and shows that contrary to the official employment stats, UK workers’ confidence in their job security has fallen.
Fewer than three in four, (73%) of workers said that they were confident that their job is secure. This is a fall of 5% since October 2012 and a fall of 2% since January 2012 when we first started tracking UK working adults’ confidence in their job security. Therefore, we could be set to see a future fall in the official employment figures next month, with the January 2013 figures not being so rosy.”
Other key findings from the Job Security Index include:
- Over half (54%) of UK adult workers said they think they will worry about how they will maintain their current standard of living. This rises to almost two thirds (60%) of those aged between 35 and 44, possibly because this age group has potentially higher financial pressures and many responsible for both their children and ageing parents.
- Almost a third (30%) of UK adult workers think they will work unpaid overtime in 2013 to minimise their chances of losing their job. Over a third, (34%) think they will increase the number of paid hours they work to get extra income, over a quarter (26%) are hoping to secure a pay rise or promotion, almost a quarter (24%) think they will move to a job which is better paid and has better job security and a few think they will look to move abroad for a better job, income or lifestyle (8%).
- Those aged between 18 and 24 are the most likely to think they’ll work extra hours or unpaid overtime to minimise the chances of losing their job in 2013 (38%), as well as the most likely to increase the number of paid hours they work to get extra income in 2013, (45%).
More details and regional breakdowns in a press release that is available to download from Legal & General’s media centre - http://www.legalandgeneralgroup.com/media-centre/press-releases/2013/group-news-release-1137.html
Notes to editors
Source: The Legal & General Job Security Index is based on research conducted for Legal & General by YouGov of 2686 UK representative employed adults, either employed full or part-time or self-employed, over the period 3rd - 6th January 2013. Additional interviews were conducted in order to boost the number of respondents in Wales (to 563), Scotland (to 587), London (to 434), Leeds (to 208), Manchester (to 312) and Birmingham (185). Previous research has been conducted on behalf of Legal & General by You Gov as part of the Job Security Index of 2587 employed UK adults in January 2012, 2491 employed UK adults between, 27-30 March 2012, 3,033 employed adults in July 2012 and 2504 employed adults September-October 2012. All surveys were carried out online. More details available on request.
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