Wednesday, February 15, 2012
Unemployment stabilises
Posted by David Smith at 09:45 AM
Category: Thoughts and responses

A better set of jobless figures than had been feared. Though there was a 48,000 increase in Labour Force Survey unemployment in the October-December 2011 period, to 2.67 million, this was actually smaller than the 2.68 million reported for the September-November period. This fits other data suggesting activity strengthened during the quarter.

Employment rose by 60,000 in the final quarter and was up by 7,000 on a year earlier. Though there is a recent bias towards part-time work, this suggests private sector employment is just about offsetting public sector losses.

Claimant count unemployment rose by 6,900 in January to 1.6 million, 5% of the workforce. Unlike three years ago, when the economy was diving into recession and monthly claimant count rises exceeded 100,000, this is a modest rise. More here.