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UK unemployment total increases to 2.5m

Unemployment in the UK increased by 35,000 in the three months to October to 2.5 million, the Office for National Statistics (ONS) has said.
It was first time that the jobless measure has risen for six months.
The increase pushed the unemployment rate up to 7.9%, a higher rate than analysts had expected.
However, the number of people claiming the Jobseeker's Allowance in November fell fractionally, by 1,200 to 1.46 million, the ONS said.
The pound dropped half a cent on the news, to $1.573.
The data could also heighten the policy dilemma for the Bank of England, coming only a day after figures showed consumer price inflation had risen to 3.3%, well above the Bank's 2% target.
In recent meetings, the UK Bank's monetary policy committee has been split three ways, with one member voting in favour of gradual interest rate rises to head off inflation, while another has voted to increase the Bank's purchases of government bonds in order to boost the recovery.

http://www.bbc.co.uk/news/business-11998364
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Comments

  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
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    8% was the top level, according to most analysts.

    Would drop back from there, and these reports were pretty confident, and used for government planning, I believe.

    So we should see drops from here on in ;)
  • And it will get worse next year as cuts bite
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  • So we should see drops from here on in ;)

    We should see a small blip upwards in 2011, before dropping back from 2012 onwards.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”

    -- President John F. Kennedy”
  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
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    We should see a small blip upwards in 2011, before dropping back from 2012 onwards.

    I do love your use of blip :D

    Take it rise is to hard to say when the word doesnt come after "house" and "price" :D

    It won't be a blip. It will be the figures. You'd never call a fall, a blip, so why a rise?
  • For monetary policy, there is a six month lag between an action being taken and that action having an effect on the economy (as Mervyn King has reminded people on many occasions). Monetary policy is one of the quickest, if not the quickest-acting policy levers.

    Therefore, I would expect a minimum six month lag between government/BoE making a decision on economic policy, and that decision having an effect on the economy...
    Politics is not the art of the possible. It consists of choosing between the disastrous and the unpalatable. J. K. Galbraith
  • IMHO, I continue to expect a largely 'jobless recovery' with unemployment rising above 3 million in the next 1-2 years.
    There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
  • chucky
    chucky Posts: 15,170 Forumite
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    For monetary policy, there is a six month lag between an action being taken and that action having an effect on the economy (as Mervyn King has reminded people on many occasions). Monetary policy is one of the quickest, if not the quickest-acting policy levers.

    Therefore, I would expect a minimum six month lag between government/BoE making a decision on economic policy, and that decision having an effect on the economy...
    please don't try and explain stuff on here H - frothing is ignorance
  • doire_2
    doire_2 Posts: 2,275 Forumite
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    We should see a small blip upwards in 2011, before dropping back from 2012 onwards.


    Ohh thats right. According to you 75% of people who are made redundant get fulltime employment with 6 months.

    How did you come to that conclusion again?
  • nembot
    nembot Posts: 1,234 Forumite
    Historically, there is normally a little drop in unempoyment around this time as the xmas hiring is in progress. These numbers buck the historic trend, it's a little strange actually.
  • Generali
    Generali Posts: 36,411 Forumite
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    For monetary policy, there is a six month lag between an action being taken and that action having an effect on the economy (as Mervyn King has reminded people on many occasions). Monetary policy is one of the quickest, if not the quickest-acting policy levers.

    Therefore, I would expect a minimum six month lag between government/BoE making a decision on economic policy, and that decision having an effect on the economy...

    My recollection is that monetary policy changes only start to have a big effect after 6 months. It remains strong for another 6 months and then weakens over the next 12 months. On average. IIRC, that is one of the things that economists are pretty sure about.

    Now changes in fiscal policy. There's a contentious area.
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