Back in recession – at least as far as the labour market is concerned
I have a post up at Left Foot Forward, looking at yesterday’s labour market figures from the Office for National Statistics. One of my key points is that the terrible results for youth unemployment (now over one million, for the first time ever) contrast with the steadily declining numbers on government employment and training programmes. The last government responded to rising youth unemployment with extra programmes to address the problem – the coalition abolished them less than a month after the election.
The other is that the figures falling employment and rising unemployment are the highest since the summer of 2009, just before we came out of recession. There are terrible figures for the ratio of unemployed people to vacancies and for pay increases as well. Although GDP figures have economists debating if we will have a double dip recession, the employment data look as if its already here.