Wednesday, November 17, 2010
Better than expected job figures
Posted by David Smith at 09:45 AM
Category: Thoughts and responses

Both measures of unemployment fell in the latest figures, the Labour Force Survey measure by 9,000 to 2.45m in the July-September period (pushing the unemployment rate down by 0.1 points to 7.7%). The claimant count dropped by 3,700 to 1.47m, or 4.5% of the workforce. The fall followed a couple of tiny monthly rises. Average earnings growth, including bonuses, edged up to 2% from 1.7%.

The 16-64 employment rate for the three months to September was 70.8%, up 0.3 points on the quarter. The number of people in employment aged 16 and over increased by 167,000 on the quarter to reach 29.19m. Employment is up 286,000 on the year but 210,000 lower than two years previously.

In truth, these figures are representative of a fairly flat labour market. Employment is growing but the rise is concentrated in part-time jobs and self-employment. Unemployment is not moving strongly in either direction. Still, it could have been a lot worse. More details here.

The Bank of England's minutes were also published, showing a 7-1-1 split, as expected. The minutes are here.