Hamish McRae: Growing employment may solve growth puzzle

Outlook There is not much to be said about the unemployment and employment figures except that they support the view that the economy must be growing, albeit slowly.

If things go on like this we will be back above peak employment by the end of the year.

Further evidence of growth may come during the next public accounts. If VAT and national insurance payments are still running well up on last year that should be pretty conclusive. If not, the puzzle will deepen further.