The publication of the latest UK jobs market figures has prompted renewed speculation of just how high unemployment will go.
Now standing at 1.82 million for the three months to September 2008, the prospect of two million out of work by Christmas is now very real. Earlier this week, 5,000 job cuts were announced in one day, with rumours that Vodafone is also preparing to swing the axe among its workforce.
CIPD chief economist John Philpott predicts that unemployment will hit at least 2.25 million by spring 2009, and potentially peak at near 3 million towards the end of the year. Combine this with the grim news that recruitment activity has virtually ground to a halt, and the outlook is bleak.
As my colleague Michael Carty on XpertHR's Employment Intelligence blog says, the next round of unemployment figures, due on 17 December, means that Christmas cheer could well be in short supply.
