Unemployment figures continue to fall
Unemployment rates have fallen, according to data from the Office for National Statistics (ONS).
ONS figures show that 2.49 million people were out of work between September and November 2012, which constituted a drop of 37,000 people on the three-month period before.
Unemployment now stands at 7.7 per cent while the total number of people in work has risen to 29.68 million – up 90,000 from the previous three months, reports recruiter.co.uk.
Despite the devastating news that several high street chains have gone into administration, causing thousands of redundancies, the jobs market is beginning to look healthy.
The ONS also reported that jobs in London increased by 60,000 in 2012, which contributed to the strong national figures. The report said that pay was up from the same time the year before too.
However, some economists have warned that this could be a red herring. Rob Carnell, economist for ING, told guardian.co.uk that the fall in unemployment was ‘a miracle’ ahead of a likely triple-dip recession.
Economists say that while there may be moderate rises in employment in the private sector, it may not be enough to compensate for cuts in the public sector.
Figures due to be released on Friday are predicted to show that the economy retracted for a third consecutive quarter.