This morning's unemployment data brings news that the rate has fallen to 7.4%.
The morning's other output from the ONS includes an update on economic forecasts for the 2013 out-turn and for 2014. This is summarised as follows:
Note that the average unemployment forecast was 7.5% for 2013: that is already being beaten and will obviously be so by the year's end.
The note that next year the average forecast is 7.0%. That looks high now.
And recall that the Bank of England say they will review rates when unemployment reaches 7.0% - likely to be in 2014 now.
And then realise just what bad news this fall in unemployment might be for Osborne. An increase in mortgage rates would tip the balance on the cost of living for millions more UK households.
I want unemployment to fall. I want Osborne to face the consequences of his policies too. And the sooner the better.
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A massaged figure if ever I saw one! This hides the zero hours contracts, people with ‘meaningless’ self-employed status due to being harried by the benefits system and those that have withdrawn from JSA and live on sweet *.A because they can’t stand the repeated humiliations at the Joke Centres.
I hope the interest rate rise decimates the housing market and reveals these people as the vacuus, incompetent and morally dead thugs that they are.
Interest rates? Having given up on elephants and gorillas in rooms this one could be the rats nest behind the food cupboard. As for employment stat’s I have regarded these as essentially unreliable and misleading now for nigh on sixty years. They are not getting better as an indicator of economic health, if anything worse.
And another thing, try this one picked up later than above.
http://coppolacomment.blogspot.co.uk/2013/12/interest-rates-growth-and-primary.html
Frances Coppola.
There was an article in the FT suggesting that interest rates rising would help, rather than hurt, the poorest because it would explode some asset bubbles & force investors to, at least, “engage” with the real economy.
Personally remain unsure but it was food for thought
Unless the market forces up interest rates, they won’t let interest rates rise. In fact, they will do almost anything to make sure that doesn’t happen.
Because an economy fuelled by increases in personal debt and mortgages can’t be sustained on rising interest rates!
POOF!! 😀
http://flipchartfairytales.wordpress.com/2013/12/19/the-2015-dilemma/
Interesting Venn diagram!
¨Do we need a banking sector dominated by politically untouchable “Too Big to Fail” (TBTF) banks? Thanks to fast-advancing technology, the answer is a resounding no¨
http://www.oftwominds.com/blogdec13/banking12-13.html