A report from the Resolution Foundation suggests Labour’s increase in employer NICs had driven up unemployment, with young workers being hit the hardest. The unemployment rate is expected to increase to 5.1% for October, up from 5% in September to hit a five-year high. Principal economist Nye Cominetti commented: “Young people again find themselves at the heart of this downturn.” Separately, the Recruitment and Employment Confederation has reported a 14.4% decline in new job postings from October to November. Retail and hospitality sectors saw significant drops of 14.1% and 10.4%, respectively. Finally, a survey by recruiter Hays found only 37% of workers feel positive about their career prospects, down from 43% last year.
