Anthony Hilton: These numbers don’t add up to a recession
Saturday 20 July 2013
The unemployment figures came out on Thursday and showed a better-than-expected improvement, with the rate now the lowest since December 2010.
By historical standards, though, it is still high at 7.8 per cent, and this was widely taken as a sign that the UK is still mired in recession, and much worse off than we were before the financial crash.
But consider this. In the second quarter of 2008, the last one before the collapse of Lehman Brothers sent the economic world into its tailspin, there were 29.6 million people employed in this country. This week’s figures said there were now 29.7 million people employed – more than in the boom.
Separately, this week’s figures also showed that the average number of hours worked per week – regardless of who worked them – had also increased to a record 952 million.
Neither of those numbers is compatible with a recession, depression, stagnation or whatever. So is the glass half full or half empty?
- 1 The BBC has just done more to eradicate ‘terrorism’ than all our wars since 9/11
- 2 Does the path to true love really lie in these 36 questions?
- 4 Presidential optical illusion offers clues to how brain processes faces
- 5 Roald Dahl letter warning student to 'eschew beastly adjectives' rediscovered after 35 years
King Salman: Just five days in, Saudi Arabia's new king has already overseen a beheading
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Auschwitz liberation 70th anniversary: Woman sent to three Nazi death camps describes surviving gas chamber
Presidential optical illusion offers clues to how brain processes faces
Chilling drone footage captures Auschwitz ahead of 70th anniversary of liberation
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Louise Mensch says 'F**K YOU' in explosive tweets about David Cameron, Saudi Embassy and the Queen over King Abdullah tributes
iJobs Money & Business
£16500 - £16640 per annum: Recruitment Genius: This fast growing Finance compa...
£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...
£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...
£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...