John O'Neill

Good news today for the OBR (who want a constant flow of more than 140,000 immigrants a year to support Britain's debt burden and ageing population) and bad news for David Cameron (who thinks immigrants are a drain on Britain's welfare state). Statistics show that in the year ending December 2012, net migration to the UK was 176,000, up from 153,000 in the year ending September 2012.The latest figure is equivalent to 482 more people a day entering the country than leaving it. Net migration is the figure that Cameron wants to be down 'in the tens of thousands' by the end of the parliament. It's been heading down since June 2011.

Unemployment is down, there are fewer people claiming jobseeker's allowance, and more people are in work than ever before. So, the top line on today's employment figures: They're good news. The real picture is more nuanced. Unemployment is down by 4,000 on the previous quarter, a figure that is dwarfed by the margin of error. We might reasonably expect the real number of unemployed to be anywhere within 85,000 above or below the 2.51 million quoted. There have been nine straight months with fewer people claiming jobseeker's allowance, but the unemployment rate is still 7.8% - just where it was in August 2012, and a meagre 0.1 percentage points lower than the 7.9% it stood at when the coalition was formed. And 69,000 extra jobs (taking the total number of people in work to 29.

As ever there's good and bad news in today's jobs numbers. Unemployment fell by 57,000, but the number of people in employment only rose by 16,000. The figures also show that the greying of the British economy continues. In May there were 8,000 fewer 16-64 year olds in work, and 25,000 more 65-pluses in work. Since the peak of employment in 2008 there are more than 300,000 more pensioners working. There's one more thing that may turn out to be a big positive: Britons put in over 950 million hours in the last three months, that’s 0.4 per cent more than the previous quarter. According to the NIESR, GDP grew by 0.6% over the same period. That means that the productivity of labour - which has slumped during the recession - may be increasing again.

The latest figures for NewBuy, one of George Osborne’s prop-up-the-housing-market schemes, have been published. Mercifully, perhaps, they continue to be underwhelming. To recap: inspired by the American success story of providing mortgages to those that can’t afford them, the scheme provides a guarantee backed by the government and house-builders (who commit 5.5 and 3.5 per cent of the purchase price of a property, respectively) to lenders. Buyers put in a deposit of 5-10 per cent, but the extra money means they can get a higher loan-to-value mortgage than they could otherwise afford. Houses have to be newly built and costing £500,000 or less. It has to be the buyer’s main residence. The Chancellor made available funds to support up to 100,000 mortgages.