COVID-19 and Social Mobility Impact Brief #5: Graduate Recruitment and Access to the Workplace

The COVID-19 pandemic has already had a considerable impact on Britain’s job market. Job vacancies have reduced by 65% compared to the same period last year with thousands of jobs already lost and just under a third of businesses planning to cut the size of their workforce in the next three months. The Office for Budget responsibility has predicted that overall unemployment (which stood at 3.9% between March and May this year) could rise to as high as 13% in the wake of the crisis; considerably higher than following the 2008 recession, when it reached a high of 8%.
 
Young people entering the job market this year are likely to be particularly badly hit with youth unemployment following the 2008 recession twice that of the overall unemployment rate. The Resolution Foundation estimate an additional 640,000 18 to 24 year olds could find themselves unemployed this year with young people claiming out of work benefits already having doubled in the last few months. Some academics predict the youth unemployment rate could even go above 25% due to the economic impacts of the pandemic, with young people who grew up in poorer families already at a higher risk of experiencing unemployment.





Date Published: 29th July 2020
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