More economic data

The economic data continues to come forth this week.  Yesterday we had unemployment data.  While the headline number (based on ILO criteria) rose, from 7.8% to 8.0%, the claimant count fell.  Looking at the survey data out there, the rise in the ILO figure looks like a blip against the trend.  We are still way away from the 10% unemployment some were forecasting last year.


Today we had public borrowing figures for March, which means we have the full figure for the fiscal year.  This is down on projections, which means that our fiscal position is a bit better than feared both in the 2009 budget and the pre budget report.  A further look at this issue is merited because the key point is that a bit more economic growth goes a long way to reducing the deficit compared to individual tax measures.  That's why Labour's focus on the recovery is so important.


Tomorrow we have the first estimates of UK GDP growth in the first quarter of this year.


Stephen Beer, 22/04/2010

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