The only thing I have to say about this is DO NOT trust the employment numbers. Our employment survey is a household survey, which is designed to measure the unemployment rate, and it is not especially good at anything else (using the gross flows data for ratios is only ‘okay’).
This is something that regular readers of our comments section would be across. See this post and the comments for a good discussion of the labour market report’s strengths and weaknesses.
One of the things of which i am most proud of is the high quality of comments on this blog. It is clear that our readership is thoughtful and well informed.
I learn from our comments – thanks folks. Keep it up.