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Uk Unemployment Falls Unexpectedly

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http://www.guardian.co.uk/business/2010/nov/17/uk-unemployment-falls-unexpectedly

• ONS says claimant count fell 3,700 in October

• First monthly fall since July

• ILO unemployment down 9,000 to 2.448m

Unemployment in Britain fell unexpectedly last month, suggesting that the labour market may be in better shape than feared.

The number of people claiming jobless benefits dropped by 3,700 in October from the previous month, the Office for National Statistics said this morning, the first monthly fall since July. Economists had expected the number to rise by 5,000. September's rise was revised to just 1,300, from 5,300.

On the internationally recognised ILO measure, unemployment was also down, by 9,000 to 2.448 million in the three months to September. The jobless rate remained at 7.7%.

However, the government's drastic spending cuts are still expected to push unemployment higher in coming months. The government will cut 490,000 public sector jobs over the next four years as part of efforts to slash the record budget deficit.

Wow it's the recovery.

Of course it's not like Christmas is approaching and possible some temp jobs are being created for the expected Christmas sales bonanza as people spend more money they don't have.

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This is the key data:

The quarterly increase in total employment was mainly driven by self-employment, which increased by 112,000 on the quarter to reach a record high of 4.03 million, and by part-time employees, which increased by 94,000 on the quarter to reach 6.76 million. The number of full-time employees fell by 62,000 on the quarter to reach 18.17 million. The number of employees and self-employed people who were working part-time because they could not find a full-time job increased by 67,000 on the quarter, to reach a record high of 1.15 million.

It's the Part Time recovereh.

The headline masks the true extent of the problem, 67,000 more people have lost their full time jobs.

Edited by exiges

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This is the key data:

It's the Part Time recovereh.

The headline masks the true extent of the problem, 67,000 more people have lost their full time jobs.

Actually, the creation of new business is EXACTLY what is needed.

now all we need are mass cullings and salary cuts in the public sector, and we have a fighting chance.

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lets all buy houses and leverage loads of debt... after all we are definitely in a recovery right! lol (i hope you note my sarcasum). Dear me... if anyone thinks these figures are good... they have a screw loose... run up to chrimbo id expect alot of temporary jobs being taken up...

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Actually, the creation of new business is EXACTLY what is needed.

Oh, I agree completely.

In terms of HPC though, I'm highlighting the plight of those who are losing their fulltime job at a (net) rate of 750 jobs a day and these "self employed" people aren't going to be able to get a mortgage without a few years accounts.

For those interested here's the full ONS document: http://www.statistics.gov.uk/pdfdir/lmsuk1110.pdf

I noticed, this in the document.. it's the immigrant recovereh

jobs.jpg

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Look behind the numbers:

Employment is 210,000 lower than two years previously.

Self-employmentincreased by 112,000 on the quarter to reach a record high of 4.03 million

Part-time employees increased by 94,000 on the quarter to reach 6.76 million.

The number of full-time employees fell by 62,000 on the quarter to reach 18.17 million.

The number of employees and self-employed people who were working part-time because they could not find a full-time job increased by 67,000 on the quarter, to reach a record high of 1.15 million.

The number of vacancies for the three months to October 2010 was 453,000, down 27,000 over the quarter.

Real unemployment is way above 10%, just like EU, US etc

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Good news.

At least we know that the QE money has somehow actually kept people in work.

Excellent - all the more reason to print some more, especially with inflation likely to run consistently above target for the foreseeable future. What can go wrong?

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I noticed, this in the document.. it's the immigrant recovereh

Immigrants have, by definition, get-up-and-go. So much they got-up-and-went. Sorta weeds out the lethargic and lazy just a bit ...

*yawn* is it siesta time yet?

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I will be coming off of the statistics in January, not because I will stopped being unemployed but because my 26 week entitlement to JSA will end. I'm sure I won't be the only one.

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Excellent - all the more reason to print some more, especially with inflation likely to run consistently above target for the foreseeable future. What can go wrong?

Ah you must be a highly trained economist, please report to the BoE immediately. :P:P

I mean what can possible go wrong? I can't believe we never allowed poor countries to print their way to prosperity.

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This is the key data:

It's the Part Time recovereh.

The headline masks the true extent of the problem, 67,000 more people have lost their full time jobs.

Correct.

That's also 67,000 people who now have no chance of buying a house and will pay little or no tax.

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Correct.

That's also 67,000 people who now have no chance of buying a house and will pay little or no tax.

In societal terms the sentiment of the thread is spot on.

But at a personal level a person is employed, under-employed or unemployed.

I'm only qualified to talk about IT vacancies and they are most definitely up, mostly analysis which will mean some programming work in the pipeline although a lot will be offshored.

Whatever, If you are someone who keeps or gains a properly remunerated job with cost of living rises, or a rate far above outgoings, then at a personal level there is no recession.

In fact you see your standard of living rise as others are unable to bid for the same products and services and suppliers become desperate.

All very unfair of course and similar to the mid 80s when IT and other tech specialist job roared away while factory and clerical workers faced stagnation.

You have to admit though, a few thousand IT bods being paid well didn't cause HPI any more than rampant offshoring has caused HPC - well it might have nudged it a bit.

It was when the spanner wielders and paper pushers started to get inflation busting rises and be taxed less in the late 80s that all the trouble started.

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http://www.guardian....ls-unexpectedly

Wow it's the recovery.

Of course it's not like Christmas is approaching and possible some temp jobs are being created for the expected Christmas sales bonanza as people spend more money they don't have.

what do you suggest?

I do not see other options than cut the public sector and state spending and boost (lower taxes) private sector. Plus reduce or stricter regulation, where it is required ...

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Self employment is shooting up to retain the £189 a week working tax credits, as a couple, no children this stops if your joint hours of work are below 30 hours. If you loose your job and take a nmw part time job below 30 hours no working tax credits for you ^^. £189 is a huge some of money a month when on minimum wage.

Birth stats over the next 3 years will be interesting, pop a kid out then its 16 hours working credits let alone all the other bits.

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I will be coming off of the statistics in January, not because I will stopped being unemployed but because my 26 week entitlement to JSA will end. I'm sure I won't be the only one.

Yep, the figures don't include people who have been unemployed for more than six months and also have savings.

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Actually, the creation of new business is EXACTLY what is needed.

now all we need are mass cullings and salary cuts in the public sector, and we have a fighting chance.

And how many of these are jobs which are importing stuff from China or India and then selling it on?

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Self employment is shooting up to retain the £189 a week working tax credits, as a couple, no children this stops if your joint hours of work are below 30 hours. If you loose your job and take a nmw part time job below 30 hours no working tax credits for you ^^. £189 is a huge some of money a month when on minimum wage.

Birth stats over the next 3 years will be interesting, pop a kid out then its 16 hours working credits let alone all the other bits.

Is that right? A week? That's 3 x dole money, getting on for £800 a month! Wouldn't everyone be doing this...?

I do agree regarding kids popping out. No money and suddenly a child or two becomes an investment. There might also be the matter of people forced to spend more time together.

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what do you suggest?

I do not see other options than cut the public sector and state spending and boost (lower taxes) private sector. Plus reduce or stricter regulation, where it is required ...

The problem is there is no solution that the elites will countenance.

We have reached a level of productivity that means we simply don't need as many man-hours worked. All you need to do is look at any of the western nations and examine how employment has changed. You'll find that in every one of these nations increasing numbers have moved out of wealth creating full-time employment to a mixture of non-jobs, longer education, unemployment, hidden unemployment, part-time work, and unproductive bubbleonics jobs. This isnt in a single nation, its every one of them.

And why exactly do we need a solution to having to have people work less? Shouldn't this really be something to celebrate? Would'nt you be happy if you could work less? Now all we need to do is reform the economic and monetary system that prevents this happening....

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Look behind the numbers:

Employment is 210,000 lower than two years previously.

Self-employmentincreased by 112,000 on the quarter to reach a record high of 4.03 million

Part-time employees increased by 94,000 on the quarter to reach 6.76 million.

The number of full-time employees fell by 62,000 on the quarter to reach 18.17 million.

The number of employees and self-employed people who were working part-time because they could not find a full-time job increased by 67,000 on the quarter, to reach a record high of 1.15 million.

The number of vacancies for the three months to October 2010 was 453,000, down 27,000 over the quarter.

Real unemployment is way above 10%, just like EU, US etc

There is something here I am curious about. Just doing the maths on quarterly changes in numbers employed, I make it (in thousands):

112+94-62 = 144k up overall. OK, but they report +167k overall, so where does the extra 23k come from? Am I missing something obvious?

Q

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