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Bond Williams Analysis of the latest ONS Labour Market Report – September 2012

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Bond Williams Analysis of the latest ONS Labour Market Report – September 2012

26th September 2012Company News

Key points:

–    The increase in the employment level and rate for the South West are the highest since current regional figures started in 1992.

–    SW Region shows the second highest rate of employment in the UK.

–    The region with the largest increase in the employment rate on the previous period (February to April 2012) was the South West with an increase of 1.4 percentage point.

Overview of regional labour market statistics published on 12 September 2012

The employment rate for those aged 16 to 64 for the three months to July 2012 compared to the 3 months to April 2012, showed a few large increases for the regions of the UK, although most movements were small, reflecting the normal sampling volatility of the survey estimates.

The largest increases were for the South West, which increased 1.4 percentage points, London, which increased 1.3 percentage points and the North West, which increased by 1.0 percentage points. For both the North West and South West, these increases appear to be partially driven by low estimates for the three months ending in April 2012. However, in both cases the recent pattern of estimates suggests that these increases could be part of general increase in employment rates.

For London, the increase appears to be part of a pattern of increasing employment rates.

Employment rates remain higher in the East of England, South West and South East than the rest of the UK at 75.0 per cent, 74.8 per cent and 74.7 per cent respectively.

The employment levels for London, at 3.856 million, and East of England, at 2.910 million, are both record highs since current regional figures started in 1992. However, due to increasing population levels, the employment rates are still below the highest on record.

The increase in the employment level and rate for the South West are the highest since current regional figures started in 1992.

Regional figures for the unemployment rate are quite volatile, which needs to be allowed for when considering the pattern of change over time.

None of the changes in unemployment rates this month are particularly large. However the decreases in the North East, London and the South West appear to be part of a pattern of decreasing unemployment rates in those regions.

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