Jump to content
House Price Crash Forum
Sign in to follow this  
rollover

Unemployment rate falls to 4.3%

Recommended Posts

2 minutes ago, rollover said:

UK unemployment fell by 75,000 in the three months to July, bringing the jobless rate down to 4.3% from 4.4% in the previous quarter. BBC

If 75,000 = 0.1% that makes the population available for work 75 million? Or am I having a senior moment?

Share this post


Link to post
Share on other sites
Quote

 

Bank of England governor Mark Carney has said the Bank will not consider raising interest rates until the jobless rate has fallen to 7% or below. Mr Carney said he expected this would require the creation of about 750,000 jobs and could take three years.

The UK unemployment rate currently stands at 7.8%. The governor told the BBC: "We need to provide as much clarity and as much certainty about the path of monetary policy."

Speaking to chief economics correspondent Hugh Pym, he said such guidance was needed "so that people… at home, people who are running businesses, across the UK, can make decisions - whether they are investing or spending - with greater certainty about what is going to happen with interest rates".

He added: "In effect we are saying - 'we are providing guidance on what could happen with interest rates'." BBC

 

Sorry, that's old story.

Share this post


Link to post
Share on other sites

Thing is, unemployment isn't really at 4.3%. It's a Tory con trick using ZhCs and benefit sanctions to reduce the number of people claiming out of work benefits and using that as the number for the official unemployment stats. I suspect the BoE knows that hence the lack of urgency to make good on their 7% promise. 

Ask yourself this; does the UK feel like an economy with record low unemployment? Not from where I'm standing it doesn't. That sort of economy would have high wage growth as employers competed for available talent. 

Share this post


Link to post
Share on other sites
1 minute ago, Hullabaloo82 said:

Thing is, unemployment isn't really at 4.3%. It's a Tory con trick using ZhCs and benefit sanctions to reduce the number of people claiming out of work benefits and using that as the number for the official unemployment stats. I suspect the BoE knows that hence the lack of urgency to make good on their 7% promise. 

Ask yourself this; does the UK feel like an economy with record low unemployment? Not from where I'm standing it doesn't. That sort of economy would have high wage growth as employers competed for available talent. 

+1000

Share this post


Link to post
Share on other sites
54 minutes ago, Option5 said:

If 75,000 = 0.1% that makes the population available for work 75 million? Or am I having a senior moment?

That does seem odd.

 

Could be a rounding error

4.44% to 4.25% gives 0.19%

 

Edit: Source material lists 0.2% change, so I think the article is wrong.

Edited by Locke

Share this post


Link to post
Share on other sites
29 minutes ago, Hullabaloo82 said:

Thing is, unemployment isn't really at 4.3%. It's a Tory con trick using ZhCs and benefit sanctions to reduce the number of people claiming out of work benefits and using that as the number for the official unemployment stats. I suspect the BoE knows that hence the lack of urgency to make good on their 7% promise. 

Ask yourself this; does the UK feel like an economy with record low unemployment? Not from where I'm standing it doesn't. That sort of economy would have high wage growth as employers competed for available talent. 

I'm guessing Rome had full employment too, aka slavery

Share this post


Link to post
Share on other sites

I've posted this before but it's worth another airing; my son was on a zero hours contract whilst a student and the employer used to contact him now and then to see if he could work. He moved around a lot as students do and eventually he and the company somehow lost contact and he forgot about them. Two and a half years later and starting proper work as a grad he had a tax query and was astounded when HMRC asked for details of his other employment. What other employment? Sure enough, technically he still was on the zero hour contract and had to phone his old employer to "resign" and get P45. All that time he was "employed" he was helping to keep down the government's unemployment stats.

Share this post


Link to post
Share on other sites
6 hours ago, Option5 said:

Do people with more than one job count as more than one person employed for the stats?

The stats don't work that way. As I understand it the unemployed number is actually deemed to be the number claiming out of work benefits. So if you're sanctioned, on a zero hours contract but getting no work (as described above) or just economically inactive but not claiming forcwhatever reason (had a windfall and taken a year out say) you're not counted. 

It also doesn't take into account underemployment. As far as the stats are concerned a Deliveroo driver counts the same as managing director of a FTSE 100 company. Some analysis of this would be useful but we'll never see it as it would reveal the Tory jobs miracle for the pile of steaming horse shit it really is. 

Share this post


Link to post
Share on other sites

Due to tax credits one poorly paying job that wouldnt support one family is now split up and used to support two families, hence britains low level of productivity. Add to that record levels in post 16 education and a record percentage of population claiming pensions. 

 

 

 

Share this post


Link to post
Share on other sites

Unemployment benefit alone is also unliveable, much lower than countries like france or ireland, so far preferrable for the unemployed without children to pick up zero hours scraps of work where they can while living hand to mouth. 

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 297 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.