Hardman & Co.：2026英国失业率回升分析报告：失业风险是否重现（英文版）（13页）.pdf

1、 UNEMPLOYMENT THE SPECTRE RETURNS?KEITH HISCOCK MAY 2026 SEPTEMBER 2 Table of contents Summary.3 Unemployment the spectre returns.4 Definitions.5 The problem with total unemployment rate.6 Why it matters.7 Why is unemployment rising in the UK?.9 About the author.11 Disclaimer.12 Status of Hardman&Co

2、s research under MiFID II.12 MAY 2026 UNEMPLOYMENT THE SPECTRE RETURNS?May 2026 3 Summary The rate of unemployment in the UK seemed to disappear from the headlines for many years.However,it looks to have crept up the news agenda again in recent months.Unemployment hit 5.2%early in 2026,the highest r

3、ate for five years.The latest data may show the headline figure contracting slightly,but it is the trend that is concerning.This paper aims to help investors to understand:how to define unemployment and explain frictional unemployment;why looking only at the overall rate for the UK may hide serious

4、problems;why unemployment matters to the government,Bank of England,society and individuals;and the factors contributing to rising unemployment in the UK.Unemployment can have a corrosive impact on everyone.Even those in employment are affected as governments respond to fiscal pressures by putting u

5、p taxes and cutting expenditure on non-welfare areas.Unemployment undermines confidence,blights peoples life chances and corrodes society.Many recent government initiatives mean well but do not end up doing good.Indeed,they may be exacerbating the problem rather than curing it.UNEMPLOYMENT THE SPECT

6、RE RETURNS?May 2026 4 Unemployment the spectre returns The rate of unemployment in the UK seemed to disappear from the headlines for many years.However,it seems to have crept up the news agenda again in recent months,with the rate hitting 5.2%in early 2026,the highest for five years.Let us put this