Wednesday, April 13, 2011
Good news on unemployment
Posted by David Smith at 09:45 AM
Category: Thoughts and responses

The latest labour market statistics are encouraging, following better-than-expected inflation numbers. Taken together with the trade figures, this is turning into a good week for the economy.

Employment in the December-February period was up by 143,000 in the December-February period compared with September-November. The unemployment rate fell from 8% to 7.8% as unemployment fell by 17,000 over the period. The claimant count was flat in March, up by just 700 to 1.45 million.

Though we do not yet have any figures for the early months of 2011, it looks as though the picture for 2010, in which private sector jobs' growth easily exceeded public sector cuts, is holding up. Average earnings growth excluding bonuses slipped from 2.3% to 2%, half the rate of inflation. More here.