Sense of job security is at its lowest for a year

UK workers’ fears for the security of their jobs are at their highest for a year, according to October’s Consumer Barometer from Lloyds TSB Financial Markets.

The number of consumers feeling optimistic about their own job security and employment prospects for the UK as a whole is the lowest since the survey began 12 months ago.

Just 14% of workers think that the UK’s employment picture looks rosier today than this time last year, compared with 35% who are more pessimistic about the nation’s jobs situation.

In addition, only 19% of people feel their own job is more secure than a year ago – compared with 24% who are increasingly pessimistic about their individual job security.

Trevor Williams, chief economist at Lloyds TSB Financial Markets, said the number of people claiming unemployment benefit has risen for eight consecutive months which is indicative of worsening labour market conditions.

“Depressed news about retail trading conditions, worries about price inflation and an increasing view that there won’t be any further interest rate cuts has exacerbated the air of pessimism among the public,” he said.

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