Economic Ia for Ib

Topics: Unemployment, Economics, Supply and demand Pages: 5 (1547 words) Published: January 23, 2013
Economics IA Commentary Coversheet

Economics Commentary Number:| HL Number 1|
Title of Extract:| UK Unemployment|
Source of Extract:| HRM – Human Resource Management|
Date of Extract:| 11th of November 2009|
Word Count:| 661|
Date Commentary was written:| 28/11/2009|
Section of Syllabus that the Commentary relates to:| Section 3.5 - Unemployment| Candidate Name:| Yuriy Boldyrev|
Candidate Number:| 001124003|

*Note: Commentaries should be read in chronological order (from 1 – 4). This mainly to not repeat definitions and explanations that were already state in commentaries prior to the one being read*

UK Unemployment
Labour Market Statistics
November 11 2009 - The unemployment rate stands at 7.8% - up 0.1% over the quarter and 2.0% on last year. Nearly 29 million people were in work in the period July to September according to the labour force survey (LFS). The number of people employed was up by 6,000 this quarter but down by 490,000 on the last year. The working age employment rate is 72.5% - down 0.1% on the last quarter and down 1.9% on the last year. ILO-defined unemployment in July to September was 2.46 million (7.9%) - up by 30,000 unemployed on April-June and 629,000 from this time last year. The claimant count for key out-of-work benefits was 1.6395 million in October - up by 22,900 on last month, and up 632,700 on last year. Earnings growth over the year to August (including bonuses) was 1.6%, down 0.2% from the previous month. Secretary of State for Work and Pensions, Yvette Cooper said: "The figures show more people in work and a lot more young people taking up our offer of full time education and training, which is welcome news. "The fact that unemployment is significantly lower than everyone forecast at the beginning of the year shows the support for the economy is making a real difference. But we know things are still tough for a lot of families, and unemployment is expected to increase further next year. That's why we're determined to do more with an extra 35,000 youth jobs, more apprenticeships and education places so we can guarantee no young person gets stuck in long term unemployment." The figures out today also reinforce the fact that the UK labour market is performing better than most major economies. They show UK unemployment at 7.8%, compared to an EU average of 9.2% and lower than 14 other EU countries including France (10.0%), Ireland (13.0%) and Spain (19.3%), as well as the US (10.2%) and Canada (8.6%)." Commenting on the latest statistics, John Philpott, Chief Economist and Director of Public Policy at the CIPD, said: "UK unemployment is continuing to rise but at a much slower pace than earlier in the year. While this is not unexpected the fact that the unemployment total remained below 2.5 million in the quarter ending in September is encouraging. However, the relative improvement should not be interpreted as evidence that the labour market is returning to health, with male unemployment and long-term unemployment continuing to rise and youth unemployment now at a record rate despite a surge in the number of young people staying on in education to avoid the dole. "Unemployment remained below 2.5 million in the three months to September primarily because there was a rise in part-time employment, temporary employment and contract working, the latter boosting self-employment. This more than offset a continued marked deterioration in full-time jobs for employees. Such a pattern is common in a labour market where overall demand for staff is weak and - as the Bank of England reiterated today in its latest quarterly Inflation Report - the economic outlook uncertain, with the road to recovery likely to be slow. At such times employers who need to recruit remain wary of hiring full-time staff and it is significant that today’s ONS figures do not show an improvement in the level of job vacancies. This pattern is also normally accompanied by a high...
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