You go your way, we’ll go ours..

Labour market.

The unemployment numbers yesterday were again remarkably good relative to what is happening elsewhere in the world. The headline u/e rate is up to 5.8%. Since July last year we’ve lost about 160,000 full time jobs, but part time jobs are up about 127,000. Of course we need to create jobs to stop the unemployment rate from rising, but compare these numbers with the US. Paul Krugman this week pointed out that the US has lost more than 6 million jobs since the recession started, and it needed to create 8 million jobs to stop the unemployment rate from rising over the same period.