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Better future for economy following drop in unemployment

February 5, 2010 by admin  
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Recent figures showing that unemployment has finally fallen has brought with it hopes that the future of the economy is looking a little brighter. The figures showed that there was a significant drop in unemployment figures for the month of December. Many think that this will spell good news for both the jobs market and the economy as a whole. December saw unemployment levels fall for the first time in around two years according to reports.

The number of people that were out of work in the three months to December of 2009 fell by seven thousand, falling to 2.46 million. The data came from the Office for National Statistics, and also showed that December saw the number of people claiming job seeker’s allowance fall for the second month in a row.

The figure fell by over fifteen thousand to 1.61 million, reflecting the biggest monthly fall since April 2007, which was before the onset of the global credit crisis.

Although there have been some bleak predictions with regards to the jobs market in the UK the figures have increased hopes that the worst of the situation may be over and things may continue to improve. However, there are concerns that the number of people out of work may have fallen partly as a result of those that had decided to give up on looking for work having had no success for such a long time.

An official from Deutsche Bank said: ‘The numbers are certainly looking a lot better and it is seeming like it is moving in a positive direction now. Unemployment looks like it has actually turned the corner.’ A spokesperson for Monument Securities added: ‘The jobless figures show a rather sharper than expected decline in the claimant count but it does seem that many people are moving out of the labour market which is what you would expect to see at this stage. It looks as though the labour market has stabilised but whether it remains that way depends on the way demand develops from here.’

Tags: month, unemployment, jobless figures, global credit crisis, economics

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