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Huge rise in redundancies among young people



In the three months to November, people in that age group had a redundancy rate of 16.2 per 1,000, a fivefold increase on the same period a year earlier.


Unemployment rose to 5% from 4.9% as Covid continued to hit the jobs market.

Some 1.72 million were jobless, the Office for National Statistics said, the highest level in five years.

Which sectors are worst affected by unemployment?


The hospitality industry was worst hit by the rise in joblessness, followed by manufacturing.

In both sectors, the number of people unemployed was up by more than 50,000 on the previous year.

Across all age groups, redundancies rose to a record high of 14.2 per 1,000 people.


What's next?


Many firms fear that they may not be able to survive the pandemic, with pubs and restaurants bearing the brunt of the restrictions.


"The pandemic continues to rip through the labour market," said Tej Parikh, chief economist at the Institute of Directors.

"The hospitality industry was worst hit by the rise in joblessness, followed by manufacturing. In both sectors, the number of people unemployed was up by more than 50,000 on the previous year."


Source: BBC