Don't Believe The Hype - Slowing Unemployment

The Office of National Statistics (ONS) released figures today that purport to show that the ongoing rise in unemployment is slowing, climbing by a "mere" 30,000 in Q3 of this year to 2.46M ("experts" had been predicting 2.5M).

Doubtless the government and other organisations may well spin this as signs of a recovery. However, before popping the champagne corks, the following needs to be taken into account:

1 There are still 30,00 more people out of work than there were in Q2.

2 ONS figures are notoriously unreliable.

3 Q3 ended two months ago, the figures are not real time and are irrelevant for decision making.

4 The true number of "unemployed" are hidden by government schemes that hold people off the register (eg work experience schemes, creation of "non" universities etc).

The figures are meaningless.

Posted in: government,ons,recession,unemployment