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UNEMPLOYMENT RATES RISES FOR YOUNG PEOPLE
Unemployment rates have risen since after the coronavirus pandemic and especially effecting young people aged between 16 – 24 years. Young people also categorised as Generation Z have lost their jobs more compared to other age groups due to the outbreak, leaving many unemployed for months. The unemployment rate has grown from 4.1% in three months to July compared to before which was 3.1% in two years.
There are 156,000 fewer young people in employment in the three months up to July. The government has launched a scheme called ‘kickstart’ to create work for unemployed Gen Z’s. Chancellor Rishi Sunak a member of the Conservative party has said “helping people get back into or finding new work” was his “number one priority”. The furlough scheme will be also ending in October 31st leaving more potential young people jobless.
“Generation Z has been hit particularly hard by the economic fall out of the pandemic as the retail and hospitality sectors, which have taken such a battering, are often relied on to help school and university leavers find an entry-level job, and get started in the world of work,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.
Seeking a job after this pandemic will be a major task for many especially young people as they head back to their studies. As there are less jobs to apply for and more people losing jobs, the UK will be heading into a recession.