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 16 May 2000Unemployment Stable Despite Continued Rapid Labour Force Growth Comment by the Chamber Chief Economist, Ian Perkin, on the unemployment and underemployment numbers for February-April 2000, issued today.
Figures for the February-to-April three months show that the available labour force grew by 107,100 persons compared with a year earlier and at the same time the number of unemployed dropped by 26,000 to 190,000 compared with last year. The 3.1 per cent growth in the labour force over the past year continues the fast growth in available workers experienced in recent times, but this was outweighed by the 4.1 per cent increase in the numbers of people in employment. Unfortunately the decline in the number of unemployed was offset slightly by another rise in those members of the workforce described as "underemployed", suggesting that some of the overall improvement has come from part time jobs, Underemployed persons are those described as having involuntarily worked less than 35 hours in their most recent seven days of employment. The tough task on the employment front may be ahead, however, with the improvement so far being due to the rapid rebound of the economy from the recession of late 1997 to early 1999 caused by the east Asian financial crisis. With such a rebound it would be unreasonable not to expect some improvement in employment prospects. The real test now will be bringing unemployment down further as building on the economic rebound becomes tougher. Much will depend on the ability of the economy to continue to grow more rapidly, despite higher interest rates, uncertainties in the equity markets and concerns about the ability of external demand to increase trade in goods and services. For further information contact Ian K Perkin on 2823-1242
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