Unemployment Down 50,000

Rinoa

http://www.bbc.co.uk/news/business-19975719

The number of people out of work fell by 50,000 to 2.53 million in the three months to August, according to the Office for National Statistics (ONS).
Employment reached a record high of almost 30 million, while the unemployment rate fell to 7.9%.
The ONS also said the number of people claiming Jobseeker's Allowance fell by 4,000 to 1.57 million in September.
The UK has been in recession, but many economists expect third-quarter figures to show a return to growth.
'Landmark' The number of people in employment has not been higher since records began in 1971.
"It's a real landmark to see more people in work than ever before," Employment Minister Mark Hoban said.‪
"Despite the tough economic times, the private sector continues to create jobs and our welfare reforms are encouraging people to return to work - with 170,000 fewer people on the main out-of-work benefits than in May 2010."

Good.

Generali

Rinoa wrote: »

http://www.bbc.co.uk/news/business-19975719



Good.

Great news.

ONS website you link to has some more good news:

Between June to August 2011 and June to August 2012, total pay (including bonuses) rose by 1.7 per cent and regular pay (excluding bonuses) rose by 2.0 per cent.

So pay is starting to catch up to inflation at last which will halt the decline in living standards.

GDP looks likely to be positive for the 3rd quarter of 2012 too as pretty much all the 'leading indicators' are positive.

Most importantly of all, the US economy looks like it might be coming out of the doldrums. As the USA is about 23% of total world GDPs that's great news for the rest of us.

Loughton_Monkey

Generali wrote: »

....Most importantly of all, the US economy looks like it might be coming out of the doldrums. As the USA is about 23% of total world GDPs that's great news for the rest of us.

Care!!!!!

Here's what I said recently in a totally different thread:

Loughton_Monkey wrote: »

So looks like Mitt is not the favourite this side of the pond. He has visited the flood zones of New Orleans, and pledged "to restore the promise of America". Wow! What more does the guy need to do to win?

At least Barack will keep all the financial indicators, and Stock Markets up for the next two months to create the 'feel good' factor.

As we approach the election, and the "lame duck" period, then I wouldn't mind betting it all goes wobbly again - with a re-focus on the smelly Greeks or the insolvent Spanish.

coastline

Loughton_Monkey wrote: »

As we approach the election, and the "lame duck" period, then I wouldn't mind betting it all goes wobbly again - with a re-focus on the smelly Greeks or the insolvent Spanish.

and after the election the new government must tackle what the rest of the world has been tackling....the budget deficit..
An agreement was set up two years ago between the political parties to leave this major problem until after the election..
Just shows politicians only care about themselves...while the US officials have had plenty to say about world economics recently..

Graham_Devon

Generali wrote: »

Most importantly of all, the US economy looks like it might be coming out of the doldrums. As the USA is about 23% of total world GDPs that's great news for the rest of us.

Seriously?

There was some great concern over the US the other day on 5live by some economists, as all the taxation and fiscal policies come to an end in January 2013...set up precisely, after the election.

coastline

Posted this one the other day...

Generali

Loughton_Monkey wrote: »

Care!!!!!

Here's what I said recently in a totally different thread:



As we approach the election, and the "lame duck" period, then I wouldn't mind betting it all goes wobbly again - with a re-focus on the smelly Greeks or the insolvent Spanish.

Graham_Devon wrote: »

Seriously?

There was some great concern over the US the other day on 5live by some economists, as all the taxation and fiscal policies come to an end in January 2013...set up precisely, after the election.

I have no idea what the US data will look like in 6 months time but I can say that at present they are looking pretty healthy.

Don't forget that if Mr Romney wins, the Republicans will likely control the White House and both houses of Congress so there will be no cliff.

@Graham_Devon: I thought you weren't a fan of economic predictions. Maybe my memory is getting worse with age but I seem to recall you being particularly scathing about such things.

@Loughton_Monkey: I thought the lame duck period was the part of the Presidential term between being voted out and handing over power. I take your point though however there is only about a month until the election so it's unlikely that much will need to be done in the next few weeks.

FTBFun

Graham_Devon wrote: »

Seriously?

There was some great concern over the US the other day on 5live by some economists, as all the taxation and fiscal policies come to an end in January 2013...set up precisely, after the election.

What sort of concern?

These were originally supposed to expire on 31 December 2010, but were extended just before for two years. It's possible it might happen again (although if Obama wins, I'd be surprised).

wotsthat

Generali wrote: »

@Graham_Devon: I thought you weren't a fan of economic predictions. Maybe my memory is getting worse with age but I seem to recall you being particularly scathing about such things.

Yup sounds like you're losing it.

It's the 'optimistic' economists we need to be shooting like those retards from the OBR or the BoE.

There's no problem with the 'realist' economists predicting things will get much worse before they then don't get any better. You know like...thingy...oooh what's his name?....they sometimes have him on 5-Live or thisismoney.co.uk (aka The Daily Mail) - well whatever he's called - he's great.

Graham_Devon

Generali wrote: »

@Graham_Devon: I thought you weren't a fan of economic predictions. Maybe my memory is getting worse with age but I seem to recall you being particularly scathing about such things.

The fiscal cliff isn't really a prediction though....is it.

Saturnalia

On the face of it, the figures in the OP look good.

But it was saying on the radio news this morning that most of these newly-employed people were part-time. It didn't say what percentage "most" was or what sort of wages they were on.

So while they may not be claiming out-of-work-benefits now, they may still be entitled to in-work-benefits, so nothing really changes there.

Plus businesses take on their Christmas temps around Sept/Oct so that skews the figures, and most of them will be laid off again come New Year. Again these tend to be low paid short hours jobs.

So while I'd love to be cheering on the good news, I'm wary that the stats may not be as encouraging as they appear.