Wednesday, June 17, 2009
Unemployment rising - but less than feared
Posted by David Smith at 09:45 AM
Category: Thoughts and responses

Unemployment will continue to rise until the economy is growing in line with trend, or later, and we are a long way away from that. Even so, the latest numbers were not as bad as some feared. The Labour Force Survey measure of unemployment rose by 232,000 in the three months to April to 2.26 million, or 7.2% of the workforce.

The better news came in the claimant count, which continued its run of smaller-than-expected increases, rising by 39,300 last month to 1.54m. Average earnings growth excluding bonuses was 2.7%, the weakest since 2001. More details here.

Also published today, what at first glance looks like an unremarkable set of MPC minutes.