Surprise fall in Unemployment reported in latest ONS figures

Overall things appear to be on an upward curve, news that will be welcomed by many professional contractors, especially those working in Information Technology. So far this year and also at the back end of 2010 many IT Contractors found a far greater number of opportunities, especially those working in technologies such as .NET, C, Java & J2EE.

The chief economic advisor at the Chartered Institute of Personnel and Development (CIPD), John Philpott, said that \”It\’s clearly good news week for the UK economy. However, while the jobs figures are apparently signalling green for go, they reflect an improvement in the labour market at the turn of the year and don\’t tell us anything much about the road ahead. Indeed, the most up-to-date figures for vacancies and claimants of jobseeker\’s allowance suggest that labour market conditions softened again in the early spring and it remains likely that unemployment will start to rise again later this year.\”

The chief economist at the British Chamber of Commerce, David Kern, also said that \”The figures are welcome, but they should not lead to any complacency. The Government must create the right environment for the private sector to create jobs. As the deficit-cutting programme starts to bite, public sector employment will decline further. We are expecting UK unemployment to increase further over the next year, and to peak at around 2.65 million before starting to decline. These figures show that growth in earnings has weakened, particularly in the private sector, and reinforce the case against an early increase in interest rates. Since there is little risk of a wage-price spiral, the Monetary Policy Committee should postpone interest rate increases until later in the year when the recovery is more secure.\”

Commonwealth Contractors

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