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Unemployment Still Rising

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Bearish:

*UK ILO UNEMPLOYMENT IN 3 MTHS TO JUNE UP 92,000 FROM PREVIOUS QTR TO 1.68 MLN

*UK JULY CLAIMANT COUNT UP 2,000 FROM JUNE TO 957,000, SIXTH RISE IN A ROW

*UK ILO UNEMPLOYMENT RATE IN 3 MTHS TO JUNE STRIKES SIX-YEAR HIGH OF 5.5 PCT

Neutral:

*UK AVERAGE EARNINGS IN 3 MTHS TO JUNE UP 0.1 PCT FROM MAY RATE TO 3.9 PCT

Bullish (or spun bullish):

*UK EMPLOYMENT LEVELS RUNNING AT HIGHEST SINCE RECORDS BEGAN IN 1971

No stories attached to them yet... look around if you're really interested :)

LONDON (AFX) - Unemployment in the UK is running at its highest for over six years even though the total number employed in the country struck a new record, official figures showed today.

The office for National Statistics revealed that the broad International Labour Organisation measure of unemployment in the three months to June rose by 92,000 from the previous three months, to 1.677 mln, its highest level since February 2000's 1.682 mln. The quarterly increase was higher than expectations for a 78,000 rise.

As a result, the jobless rate rose 0.3 percentage points from the previous three months to 5.5 pct, its highest level since June 2000, when it was also 5.5 pct. Over the last year, the rate has gone up 0.7 percentage points.

The monthly labour market report also showed another measure of unemployment also creeping up.

The statistics office said the number of Britons claiming jobseeker's allowance rose to a four-and-a-half year high during July -- it is more timely because it is quicker and easier to collect -- and is slowly nearing the politically-sensitive 1 mln mark for the first time since January 2001.

The so-called claimant count in July rose by 2,000 from June to 957,000 -- its highest level since January 2002, when it stood at 958,200.

The rise was the the sixth in a row and means the claimant count has now risen for 16 of the last 17 months. The increase was slightly lower than the 5,000 predicted by analysts.

In June, the claimant count rose by 4,300, downwardly revised from the original estimate of 5,600.

Over the past 12 months, the claimant count has risen by 90,900.

The claimant count rate for July was 3.0 pct of the workforce for the fifth time in a row.

The rate was last higher in September 2002, when it stood at 3.1 pct.

Elsewhere, the survey found wage pressures creeping up slightly during June.

The statistics office revealed that headline average earnings, including bonuses, rose by 4.3 pct in the three months to June from the previous year, up from the 4.1 pct in the 3-months to May. The spike up in headline earnings took the rate to its highest level since April 2005's 4.4 pct.

Analysts polled by AFX News had expected another 4.1 pct rise.

If the bonus element is excluded, average earnings growth in the three months to June was 3.9 pct, up 0.1 percentage point the previous period, and ahead of expectations of another 3.8 pct rise.

In its Inflation Report last week, the Bank of England indicated that there were very few signs that past increases in energy prices have fuelled pay pressures across the economy. Rate-setters have said they get particularly concerned if average earnings rise by 4.5 pct or above.

Elsewhere, the statistics office said the working age employment rate for the three months to June was 74.6 pct, down 0.1 percentage point from the previous quarter and 0.2 lower over the year.

The total employment level rose by 42,000 over the quarter and by 240,000 from the same period a year ago, taking the overall figure to 28.94 mln, the highest figure since records began in 1971.

A spokesman said employment and unemployment have been rising together over the last few months is that the number of economically inactive people has fallen, largely because of welfare reforms introduced by the government.

For example, the number of people who are long-term sick has fallen by 62,000 in the year to June and that has helped reduced the total of inactive individuals by 108,000. The spokesman explained that some of those find employment, while others do not.

One area that continues to shed jobs is manufacturing, which saw employment in the three months to June fall by 103,000 over the year to 3.04 mln. This is the lowest level since comparable records began in 1978.

Manufacturing productivity rose by 3.6 pct in the three months to June from a year earlier, while manufacturing unit wage costs rose 2.3 pct over the same period.

newsdesk@afxnews.com

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2000 employment levels, with 2006 house prices. What an interesting combination.

shakeshaft-hill.jpg

Edited by Fancypants

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Our beloved and dishonest government doctors the figures anyway. Just like it does for inflation.

The real figures are much higher.

Many people are not technically unemployed as they are on invalidity benefit

Any more spin anyone?

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Telegraph telling it like it is:

http://www.telegraph.co.uk/money/main.jhtm.../16/uecon16.xml

Unemployment at worst in six years
(Filed: 16/08/2006)
# Bank voted 6-1 for rate hike
# Market down on power output fears
Unemployment jumped by 92,000 today to its worst level for six years, even though the number of people in work has reached a record high. A total of 1.68m people were out of work in the three months to June,
a quarter of a million more than a year ago
.

"a quarter of a million more than a year ago" indicates a dangerous and perilous road ahead. :o

IN my area there is talk about Jag being sold off* and with wage costs and houses too high to compete in a Global Market production, if it is to continue, may be elswhere than the W Midlands. Landrover-West Midlands are a confirmed shut down in November. Sentiment is very bearish in my neck of the woods backing RICS admission that prices locally are faltering.

_________________

* Hyundai are the latest rumour as they, like Toyota, want a luxury division and they cannot start from scratch or build onto an already high quality platform such as Toyota.

Edited by Realistbear

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Negative sensational headlines in mainstream press which is pleasant:

http://www.thisismoney.co.uk/news/article....mp;in_page_id=2

Unemployment at worst level for six years

This is Money
16 August 2006

Might cause the sheeple to choke on their bran flakes. :)

Are these figures for employment/unemployment adjusted for the tourist season in anyway??

As taking where I live as an example (Isle of Wight), we have thousands of seasonal jobs that will end in September/October when the holiday camps, hotels, beach concessions, tourist attractions all cut their temporary staff that are employed each year to cope with the high season.

AFP

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I ain´t afraid of no umemployment cos me house is worth 4 times wot I bought it for.

I´ll still be okay even if I loose me job at Tescos - it´ll give me more time to go into buy-to-let so I can get rich quick and easy.

Edited by Caledonian-Emigre

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Official Unemployed is 1.7 million. Disabled Benefit 2.8 million. Youth Schemes - ie paid to stay in 6 form, extra college students, government apprentices 1.8 million. Those aged over 50 not working and not drawing benefit 2.3 million. Total 9 million. In Devon and Cornwall for instance 3/4 of all adults aged over 50 are not working. It is the fact that they are not drawing benefit that masks the predicament. I do not know anyone of my age, other than farmers, who are working productively. Many acquaintances move down here, buy homes which require some improvement (from decoration to total rebuild), sell at a profit and then start again. Because its their principal private residence there is no tax to pay.

In my remote inland hamlet. 3 out of 12 homes are Cornish. 10 out of twelve are less than 5 years resident. 2 houses are for sale.

A derelict chapel and meeting room nearby was sold at auction (I think) 1994 at £35,000. It has a graveyard in the garden is north facing and very dark. The purchasers could do nothing with it and sold it 5 years later at auction for £70,000. The new owners have gained planning permission to convert the chapel to 2 flats + 3 bed house in meeting room - they have done no serious work, the slates are slipping off the chapel roof and rain ingresseing. They are now marketing the property at £350,000. I do know about renovating old buildings. If it is to be done tastefully and to appeal to a Waitrose customer, then it will always cost more to renovate an old property than to build a premium specification new. Hence one is talking around £1,200 per square metre for refurbishment. So to do a first class job of renovating these properties could cost in the region of £300,000.

Just up the road from this speculative venture is an absolutely superb farmhouse complex with lake, detached 4 bed house, 7 bed farmhouse, until last year landscaped grounds etc.

Price paid some 12 years ago was £225,000, I am reliably informed that £1.5 million has been spent on it. The land has been sold off, but the properties remain vacant.

The average working (ie Non Professional) wage in this Parish is £12,000. The average house price is £333,500. In a free market economy, workers would demand massively increased wages, rampant inflation would result and ordinary houses become affordable for hard working people. Unfortunately, both here and in the US, Governemnts have given the control of money to corporations. Our MP Dan Rogerson said this week that there are ten times empty homes in North Cornwall than there are homeless. It is true that the empty properties in London alone can house the entire homeless population of UK.

The graffitti on the public buildings in Cornwall is removed very quickly, also in Wales. Unfortunately, the Managing Directors of UK companies earniong an average 75 times the average wage (1,950,000 BPS) do not have any interest in history only politics. My mother walked through Germany in 1938. She kept a diary in which she wrote about "those silly boys in their brown shirts".

I am desparately hoping that we do have a major house crash. It is the alternative that is scary.

Two marvellous books by History Professor Paul Kennedy - "Rise and Fall of Great Empires" and "Preparing for the 21st Century" should be compulsory reading for all decision makers.

When George Bush Senior, not a noted scholar, started reading the former it became a world best seller. The latter book is fact filled. Kennedy discussses economic problems (before the expression Global Warming is used), his conclusion is the inexorable movement of economic migrants. There is a bit of Shariah Law enshrined in the UK. that if you walk into a public house and ask for a drink of water, then it must be given to you. Water is not a commodity, it cannot be bought or sold, however it can be controlled. You may think I am way off course, but this is likely to be the century of water wars. Gordon Brown or his successor will be forced to increase to taxation. From recent correspondence in the Western Morning News I can see that the quite rightly the bottom quartile of earners is not going to be willing to pay a greater proportion of tax than the top quartile. If you are a working person in Cornwall earning an honest £12,000, paying tax, NI and pension taking home £9,000 to your rented house £6,000 and facing an annual water charge of £500 in addition to Rates £800 and Utilities £1,200 Then anyone can see that you have got to live with someone, even divorced couples are living together. It is easy to create Germany in the 30s. It has been created by every Government since 1973, when US came off the Gold Standard and Monetarism Theory evolved. The choices are between House Price Crash or Chaos.

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er..ok - is that a good sign or a bad sign

I'll let you decide.

It means that there are not enough new jobs to match the increase in the population. This does not necessarily mean that it's the new immigrants who are `unemployed, of course.

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I ain´t afraid of no umemployment cos me house is worth 4 times wot I bought it for.

I´ll still be okay even if I loose me job at Tescos - it´ll give me more time to go into buy-to-let so I can get rich quick and easy.

:lol::lol:

very funny, like your sense of humour.

thats just the sort of thing people are thinking only to realise they will end up in debt, watch it all slip through their hands at auction and wish they still had their tesco job and a low mortgage on 1 property.

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*UK ILO UNEMPLOYMENT RATE IN 3 MTHS TO JUNE STRIKES SIX-YEAR HIGH OF 5.5 PCT

If Gordon Brown hadn't hired 1M+ extra public sector workers since 1997 we would currently have unemployment at 10%+

Do you think house prices would be as high?

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It's quite possible, of course. If the total number of people has risen you can get simultaneous rises in the numbers of employed and unemployed

Its obvious, the cheap migrants have usurped the natives, they do the work and the rest go on benefits, that way both numbers can rise. So now tell me the £2.5 billion in migrant tax take is enough to pay all these new benefit claimants.

Edited by deano

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I am practically moist with the prospect of an impending HPC. That 4 bedroom house in the countryside with jacuzzi I saw for £350K should be less than £200K very soon, just in time for next summer.

#Scoobydoo#

:ph34r:

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  • 301 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%



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