Though UK unemployment continues to fall, more significant has been the much greater increase in the size of the workforce. For example, the most recent monthly Office for National Statistics data shows a fall in unemployment of  just over 200 000 over the year, but  a  400 000 plus rise in those working. ONS data … Continue reading Capital’s  new ‘reserve army’? →

Predictably, in the run up to the Parliamentary vote on the Fiscal Charter,   media attention focused on the fall-out from John McDonnell’s sudden   ‘U-turn’ and the way Labour MPs opposed to the Corbyn leadership sought to exploit the situation. Much of the confusion has arisen from the Shadow Chancellor’s attempt to ‘out Osborne, Osborne’ (his own words) arguing … Continue reading Labour and the Fiscal Charter    ( ‘Living within our means’ Part 2) →

Deputy Governor of the Bank of England Ben Broadbent thinks the growth of low-skilled and low paid-employment can be related to the increased availability of low skilled workers from different parts of Europe. (Guardian 24/09/15). Not only has this kept wage levels depressed, Broadbent argues, but it is also a reason why ‘human capital’ –the … Continue reading The problem’s the jobs, not the people who do them. →

Monthly figures from the ONS show the labour market tightening. Average wages have also edged up 2.4% and with inflation at almost zero this represents a real increase in income, though many low paid workers continue to miss out on an annual pay rise.  The total number  in employment falling by 63 000 and the unemployment rate … Continue reading Unemployment rises as labour market tightens →

If George Osborne’s proposed legislation to make budget deficits ‘illegal’ goes ahead,  then public services will no longer be able to be expanded as a way of stimulating future economic growth and activity. Or at least, it will be up to the Office for Budget Responsibility (OBR) to decide whether ‘exceptional circumstances’ allow this to … Continue reading Low-paid, zero hours jobs won’t close Osborne’s deficit →

The fact that the relatively high overall growth of the UK economy has not led to a corresponding increase in wages – the  latest ONS figures now showing real wages are falling  (http://www.ons.gov.uk/ons/rel/lms/labour-market-statistics/august-2014/index.html) – has perplexed policy makers and, for the moment at least, put a brake on an interest rate hike. Wages excluding bonuses … Continue reading The high growth – low wage puzzle. →

Unemployment may be falling and more people working, but analysis of labour market trends is increasingly focussing on the particular type of employment that are being created in the post-crash economy. The TUC have calculated that 44% of the new employment since 2010 has been ‘self-employment.’ (http://www.tuc.org.uk/economic-issues/economic-analysis/labour-market/labour-market-and-economic-reports/more-two-five-new) and 40% of this has been ‘part-time.’ Earnings … Continue reading Almost half of new jobs are ‘self employed’. →

January labour market figures show 450,000 more people in employment, 172,000 fewer unemployed people, 75,000 fewer economically inactive people aged from 16 to 64 and government hailing a 'jobs boost'. Of course, any real assessment of the health of the labour market  needs to examine the sort of employment that’s being created –the ONS statistics showing only … Continue reading Labour market fragility →

Measures set out in the Autumn Statement designed to improve young people’s chances in the labour market may not have the effect they are supposed to. Removing the cap on university numbers may increase places but it’s equally likely to benefit more prestigious institutions who can now recruit students who would have had to gone … Continue reading Will Autumn Statement really help young people? →

A recent report from Resolution Foundation (www.resolutionfoundation.org/publications/polarising-crisis/) confirms a number of trends seen to be taking place in the labour market. Particularly that the number of low-skill jobs created  post recession exceeds the number of those  considered  high-skill and that the downturn has accentuated the decline of ‘routine’ and ‘middle-skill jobs’ –  more likely to … Continue reading The ‘hour glass’ economy? →