
The
Labour Market Statistics released yesterday presented us with an account of
falling employment rates (down 0.2% from Oct-Dec 2012) and an increasing
population of unemployed individuals aged between 16-64 (15,000 more since the
final quarter of last year). Yet we have to remind ourselves that such
unemployment data is a lagging indicator of the current health of our economy.
Expectedly, we saw a sharp rise in unemployment following the start of the recession in
2008, but
since then the figures have ebbed and flowed only modestly – reflecting the challenging conditions we have seen over
the last 4 years.