Jobs

Today’s jobs figures are pretty unambiguously good news. The number of people in work rose by 154,000 in the last three months of 2012 to a new record high of 29.73 million — surpassing pre-recession peak by 158,000. And unlike other recent rounds of employment growth, this wasn’t driven by a rise in part-time workers (their number actually fell by 43,000). But there are still a couple of reasons cause to greet this good news with caution. Rising employment at a time of economic stagnation has come at the expense of earnings. Adjusted for CPI inflation, average weekly earnings have fallen by 7 per cent in the last five years,

News of 800 job losses at Honda’s Swindon factory are making the headlines — factory closures always do. They can leave scars that never quite heal, and for those affected it will be no comfort at all to know that there are today more people working in the UK economy than ever before. But it’s true. As the below graph shows, the British economy is not actually shedding jobs at a particularly high rate. Even during the boom years, there were about 1,500 redundancies every day. What mattered was that the number of jobs created was greater. But there is an in-built new bias, because the jobs created tend to

The number of people in work in the UK hit 29.6 million in August-October – the most ever — according to today’s figures from the Office for National Statistics. So despite GDP still languishing 3 per cent below pre-recession levels, employment has fully recovered, with half a million jobs created in the last year: The rise in employment has been thanks to the private sector more than making up for the job cuts in the public sector. The numbers don’t quite back up David Cameron’s claim that there are 1 million more private sector jobs than when he took office — to get that he must either be using January-March

Today’s employment figures don’t contain much new to shout about. The number of people in work — although it rose by 100,000 on the previous quarter — is actually down very slightly from last month’s record high (but still above the pre-recession peak, just). Unemployment fell by 49,000 from Q2 to Q3, although that’s well within the Labour Force Survey’s margin of error (so we can’t be certain that it fell at all). The best news in today’s figures — from the government’s point of view — is probably that the headline unemployment rate is now 7.8 per cent, very slightly below the 7.9 per cent rate when the coalition

Employment has almost entirely recovered to its pre-recession peak, according to today’s new figures. Total employment for May to July stood at 29.56 million — up 236,000 on the previous three months and just 12,000 shy of the 29.57 million peak of April 2008. This recovery is thanks to the expansion of the private sector, which has added over a million new jobs in the last two years, and now employs 381,000 more people than it did before the crash. Public sector employment, meanwhile, has been cut by 628,000 since the coalition took over, and is now at its lowest level since 2001. The scale of private jobs growth —

The Keynes vs Hayek debate is at its sharpest on the issue of employment. Can government create jobs (as Balls says)? Or does large public sector employment simply displace economic activity that would happen elsewhere (as Osborne says)? A fascinating study has been released today by the Spatial Economics Research Centre at the LSE showing the damage done by public sector employment to the real economy. Drawing on a huge amount of local-level data over an eight-year period, it’s a serious piece of research that is worth looking into and deserves to impact our economic debate. 1. First, what is seen. In the short term, hiring someone to work for

Today’s jobs figures show a 105,000 rise in employment and a 45,000 fall in unemployment, from the final quarter of 2011 to the first quarter of 2012. Welcome news, although both figures are within the margin of error, meaning we can’t say with confidence that employment is indeed higher or that unemployment is lower. But even taking the figures at face value, there’s another cause for concern: the rise in employment is coming in part-time, rather than full-time, jobs. First, let’s take a look at that total employment figure, which has risen 105,000 since the last quarter and 219,000 since the general election: Second, the number of full-time workers: As

The government has fallen on today’s numbers showing employment up by 53,000 and youth unemployment down by 9,000. This is the first quarterly fall in unemployment for over a year. One coalition source describes the news as a ‘good reminder of what really matters, both economically and politically.’ Certainly, these figures will provide David Cameron with some protection in his first post-Budget PMQs. Ed Miliband won’t be able to make his usual jobs attack. But politically one of the key questions will be who is getting these jobs. One of the worries for the coalition is that a huge amount of the new jobs that are being created are going

So, new jobs figures out today. Which do you want first: the bad news, or the kind-of-alright news? The bad news is that employment’s showing no signs of growth: the total number in work has been stuck at 29.1 million since it fell there in the summer. It’s a touch better than the trough of 28.8 million we hit at the end of 2009, but still half a million below where we were when the recession hit. And we’re showing no signs of getting there any time soon: And the not-so-bad news? Unemployment’s slightly down on last month, which was slightly down on the month before. It’s not a big

Today’s ONS release will make pretty grim reading for students and recent graduates. It shows that the unemployment rate among recent graduates — those who graduated in the last six years — stands at 9.1 per cent, higher than the overall unemployment rate of 8.4 per cent. It’s even worse for those who graduated in the last two years — the unemployment rate among them is 18.9 per cent, up from 10 per cent before the recession. But there’s an even more worrying trend among those recent graduates who do find employment. In 2001, three-quarters of them were in ‘higher skill’ jobs — those requiring more than GCSEs. Now, less

On the Today Programme this morning, Employment Minister Chris Grayling defended the government’s Work Experience programme in light of the recent controversies around it. Here’s a full transcript of the interview: Evan Davis: Well how can work experience get such a bad name? A string of high profile companies have pulled out of one government scheme providing work experience for young people. The latest, retailer Poundland, has announced it is suspending its participation in the scheme although it’s not quite clear which scheme it is, because there are several government schemes for getting people, long-term unemployed or young, into work. Let’s see if we can clarify what is going on

Articles by politicians are often flat and passionless. Not so Iain Duncan Smith’s effort for the Daily Mail today. The welfare secretary sets about defending the government’s Work Experience scheme for unemployed young people, but it soon turns into a full-blooded attack on its detractors. ‘I doubt I’m the only person who thinks supermarket shelf-stackers add more value to our society than many of those “job snobs” who are busy pontificating about the Government’s employment policies,’ he bristles, ‘They should learn to value work and not sneer at it.’ And there’s much more besides, including a warning against ‘a twisted culture that thinks being a celebrity or appearing on The

The employment level has risen since the election, according to today’s figures — albeit only slightly, from 29.0m to 29.1m. But unemployment’s up too: from 2.46m to 2.67m. So how come we’ve seen both more jobs and lengthening dole queues? Well, that’s because the ‘economically active’ population (people who are in work or ‘have been actively seeking work and are available to start work if a job is offered’) has grown faster than employment has. There are now 31.8m people in the UK who fit that description, an increase of 320,000 since the coalition came to power. But with only a 110,000 rise in employment, that means the number of

No two ways about it: today’s employment figures are difficult for the coalition. The unemployment figure’s up for the seventh month in a row, and now stands at 2.68 million — the highest since 1994. And the unemployment rate — up to 8.4 per cent — is at its highest since 1995. It doesn’t look like getting better anytime soon, either: unemployment’s predicted to carry on rising at least until the end of the year, possibly matching the three million peak of the early ‘90s. In its defence, the government claims that employment is rising too. Today’s figure of 29.1 million in employment is about 150,000 higher than it was