IoD reaction to Unemployment figures

Dated: 19 January 2011

Commenting on today’s labour market figures, Graeme Leach, Chief Economist at the IoD said:

“The latest labour market statistics provide more evidence of the jobless and joyless economic recovery. At this stage in the recovery it would be more encouraging if unemployment was falling and employment was rising. Unfortunately the opposite is still happening. In addition, in those areas of the economy where employment is rising, much of the increase tends to be in part-time workers. And all of this before the public sector shake-out has kicked in fully.

Graeme Leach also said:

“The good news in today’s figures is that inflation pressures in the labour market appear muted. Average earnings growth remains around 2 per cent and unit labour cost pressures (earnings adjusted for productivity) are falling.”

ENDS

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Edwin Morgan
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Email: edwin.morgan@iod.com
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Notes to editors

  • The IoD (Institute of Directors) was founded in 1903 and obtained a Royal Charter in 1906. The IoD is a non-party political organisation with upwards of 45,000 members in the United Kingdom and overseas. Membership includes directors from right across the business spectrum – from media to manufacturing, e-business to the public and voluntary sectors. Members include CEOs of large corporations as well as entrepreneurial directors of start-up companies.
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