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Labour Market Statistics July 2009

The LMS has been published today and makes grim reading. The optimism that some have been trying to promote in the last couple of months has been well and truly quashed. Quoting the opening paragraph of the summary document:

The number of unemployed people, the unemployment rate and the claimant count have increased. The employment rate and the number of employed people have fallen. There are fewer vacancies. There are more inactive people of working age and the inactivity rate is up. Earnings growth, excluding bonuses, has fallen.  Earnings growth, including bonuses, has increased.

Now while we all know the LMS is a couple of months out of date (today’s figures are for the period ending May 2009), it is seen as the most accurate data regarding unemployment, and it doesn't make good reading.

The number of people in employment has fallen 269,000 in this three month period. Within these figures, part time employment has faired best, with a tiny increase of 3,000, and public sector are also doing better with their ranks being increased by 15,000 in the last six months.

The unemployment rate itself is up 0.9%, to 7.6%. This is 2.4% higher than this time last year, with 753,000 more people now unemployed. This is the highest level since 1995. But at least it isn’t as bad as Spain where the unemployment rate is 18.7%, so maybe we should still try and keep some perspective!  

While job vacancies have dropped 34% since last year, some sectors have been hit worse than others. Manufacturing and Construction are the biggest losers with over 50% less vacancies while Education, Health & Public Services has only dropped 9.4%.

You can download the LMS summary below, and if you want to look at how your region is fairing and want to do more digging through data, click here to access the LMS regional data page. 

 

Labour Market Statistics

Click the PDF logo to download the July 2009 LMS.


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