Wednesday, 22 January 2014

Job numbers improve again: great news for the British economy

Even with a growing economy, these figures from the labour market exceeded all expectations. A fall of 167,000 in the unemployment level over three months hasn't been seen in 17 years. An unemployment rate of 7.1% has not been registered since early 2009. It is clear that the British economy is creating jobs at a much faster rate than most analysts had predicted.

The Bank of England is among those who are junking their earlier forecasts. Last August the Bank expected the jobless rate to stay above 7% till at least 2016. But now five months later it has already fallen to within a whisker of that 7% benchmark, set by the Bank as the time when they would start considering interest rate rises.
In the North East there are now 22,000 more people in work that there were 3 months ago.
In Hexham on either level - namely the number of people in work or the number of people seeking work the figures have improved significantly - for example compared to this time last year there is a 24% decrease in unemployment.