Still in the Hole
Labour Force Survey revisions announced in the Daily today show that total employment has still not recovered to pre recession levels.
“Compared with the employment peak of OctoberÂ 2008, employment in DecemberÂ 2010Â was lower byÂ 30,000Â (-0.2%) based on the revised LFS estimates.
Between the employment peak of OctoberÂ 2008Â and the recent low in JulyÂ 2009, the revised LFS estimates show an employment decline ofÂ 428,000Â (-2.5%). Between JulyÂ 2009Â and DecemberÂ 2010, the revised LFS estimates indicate employment increased byÂ 398,000Â (+2.4%).”
Methinks the Conservatives may have to revise their talking points re our miraculous recovery.Â Though the revised numbers will flatter the productivity data.