Today’s employment figures include a couple of headlines the government will be grateful for and what seems like an improvement on the pay front. But when you look at the labour market from a slightly longer perspective, the picture is less brilliant.
Unemployment decreased by 5,000 between February 2013 and April 2013 to 2.51 million, with the unemployment rate rising to 7.8 per cent, today’s labour market statistics reveal.
The ‘recovery’ in the wider economy is not being matched by rising real wages or rising living standards, instead the demand-constrained UK economy might be stumbling into a lower wage, lower productivity growth model with serious implications for living standards in the future.
Unemployment rose by 15,000 between January 2013 and March 2013 to 2.52 million, with the unemployment rate rising to 7.8 per cent, today’s labour market statistics reveal.
Since the coalition took office long term youth unemployment has risen to over 70,000, according to figures from the Department for Work and Pensions (DWP).
Whilst important not to read too much into one set of figures, it may now be the case that the weakness of the wider economy is catching up with the labour market.
Unemployment rose by 70,000 between December 2012 and February 2013 to 2.56 million, and the unemployment rate has risen to 7.9%, today’s labour market statistics reveal.
The chancellor George Osborne will make a speech today in which he will say the government is “making work pay” through tax and benefit changes. Making work pay is an admirable goal and something that everyone on the left supports. The problem, however, is that the government’s idea of making work pay is radically different to that of most progressives, as a quick glance at today’s Daily Telegraph makes clear.
Today’s figures (covering November to January) have people wondering if the labour market may be running out of road. The key figure in today’s release is for pay. Average weekly earnings for regular pay (3 month average) in January were just 1.2 per cent higher than they had been a year earlier – the fifth successive fall in the annual rate of increase.
Unemployment rose by 7,000 between November 2012 and January 2013 to 2.52 million, but the unemployment rate stays at 7.8%, today’s labour market statistics reveal.