Jobs, what jobs?

Posted on

This is from the Bank of England Inflation report issued this morning:

Screen Shot 2014-08-13 at 13.49.22

Unemployment has fallen to 6.4%, but look at the trend: most new jobs are in low and medium skilled employment.

Now wonder wages are falling.

Now wonder growth feels illusory, and is expected to fall.

This is a hollowed out economy where subsistence is the best that the government can offer, and with changes in the social security system it is doing its best not to do that.