Wednesday, November 14, 2012
Slightly softer jobs numbers
Posted by David Smith at 09:45 AM
Category: Thoughts and responses

The latest unemployment figures were encouraging, though suggest some softening in employment growth, possibly as a result of an unwinding of the Olympic boost. Employment rose by 100,000 in the July-September period compared with April-June, reaching 29.58m.

Though this was good news, it pointed to a slower rate of employment growth than recent quarterly numbers of 200,000 or more. Unemployment fell by 49,000 to 2.51 million in the latest three months, though the claimant count rose by 10,100 to 1.58 million in October alone.

Earnings growth remains sub-2% - 1.8% for total pay - at a time when inflation has pushed higher to 2.7%.

Good news, then, overall, but tempered by one or two softer touches and the squeeze on real earnings. More here.