As unemployment shoots up another 128,000 to a rate of 8.3 per cent - its highest level in 15 years - we are heading into a "gloomy" 2012, according to a City expert.
Statistics published today show the unemployment rate at its highest since 1996.
There are now 2.64 million unemployed people in Britain, with a total of 9.33 million economically inactive people in the country.
Growth is stalling and there are chances of another recession in the first half of 2012, as inflation sits just under 5 per cent.
Cutbacks to the welfare system will also add to the problems of Britain's unemployed.
"There has obviously been an unwelcome increase in unemployment since the summer, but these latest figures show some signs that the labour market is stabilising," insisted the government's Minister for Employment, Chris Grayling.
Richard Driver, a currency analyst at Caxton FX, said that while today's overall unemployment figures are "better than expected" it "doesn't change the picture at all".
Prospects aren't looking good for next year either because of low growth.
"We're betting on a worsening," he said, adding that 2012 is looking like it will be "gloomy".
"It's clear that we're reaching a crossroads in what appears to be a dual economy in the UK job market," said Clive Davis, director of recruitment consultants Robert Half UK.
"As today's ONS figures have shown, moderate gains in the private sector have not offset losses in the public sector, primarily in public administra-tion and education.
"We're still seeing demand for specialist roles in finance and IT and believe that these sectors will remain liquid over the coming months."
London Riots 'Most Wanted' photos released by Met Police
Pictures of London's 213 "most wanted" people suspected of involvement in the August riots have been released by Scotland Yard, as police hunt down those who caused violence and destruction across the capital.
It's part of Operation Withern, which is investigating the summer riots.
So far there have been 3,269 arrests, with 2,046 people having been charged or summonsed.
There have been 3,877 crimes reported in total relating to the riots in London, across its 22 boroughs.
The images released by the Metropolitan Police are from snippets of 200,000 hours of CCTV footage, trawled through by investigating officers.
"I would like to thank the public for continuing to assist us with this investigation, without their help positive identifications on several images would not have been made," said Commander Steve Rodhouse, leading Operation Withern.
"Four months on from the disorder, my team of officers remain absolutely committed to identifying, arresting and charging those involved in the criminality that took place.
"The investigation is a huge challenge and one that will continue for some time to come, but I want to reassure London's communities that we are determined to bring those who committed these outrageous crimes to justice and more arrests will follow.
"I urge anyone with any information to come forward."
Anyone who recognises a picture or anyone with any information can contact Crimestoppers anonymously on 0800 555 111, quoting the reference number alongside the image.