Nigel Meager
At first glance, the June labour market statistics tell a positive story: the headline unemployment figure fell by 88,000 in the quarter to April, while employment grew by 80,000. So far, the increase in private sector jobs has been more than sufficient to offset the fall in public sector employment.
However, as several commentators have pointed out, including the TUC’s Richard Exell, one swallow doesn’t make a summer. Some indicators reveal a more gloomy picture, including the claimant count figure which increased strongly in May, and job vacancies which fell again in the quarter to April, almost back to the lowest level experienced during the recession.
Nevertheless, there is something unusual going on.
