Economics Weekly By Lloyds TSB

In November, claimant count unemployment fell by 6.3k. The decline represented the first fall in the UK claimant count since February 2008, raising hopes that the labour market may finally have turned the corner.

Is the UK labour market on the road to recovery?

In November, claimant count unemployment fell by 6.3k. The decline represented the first fall in the UK claimant count since February 2008, raising hopes that the labour market may finally have turned the corner. Other broader labour market indicators, however, suggest it is too early to call a turn. For example, in the latest month, both the claimant count and ILO unemployment rates were unchanged, the latter at a 12½ year high of 7.9%. Furthermore, the ILO measure of unemployment, which includes individuals who are seeking work but not claiming benefit, rose a further 21k in the three months to October.

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