Wednesday, December 14, 2011
Unemployment rises modestly
Posted by David Smith at 09:45 AM
Category: Thoughts and responses

As unemployment releases go, this was not as bad as a month ago. The claimant count rose by just 3,000 to 1.6m, while the Labour Force Survey measure rose from 2.62m to 2.64m, though this was enough to push the rate to 8.3% (August-October), from 7.9% in the previous three months. Youth unemployment was steady at just over 1m.

Broadly speaking, the drop in public sector employment and the rise in private sector jobs have offset each other over the past 12 months, leaving a net fall in employment of 14,000. This is not as healthy as earlier, when private sector job creation was easily outstripping public sector losses. But there have been more public sector job cuts than expected.

This is the employment picture: "The number of people in employment aged 16 and over fell by 63,000 on the quarter and by 14,000 on the year to reach 29.11 million. The number of employees fell by 252,000 over the quarter to reach 24.77 million. The number of self-employed people increased by 166,000 on the quarter to reach 4.14 million. This is the highest number of self-employed people since comparable records began in 1992."

That strong rise in self-employment is surprising. More here.