Friday, 28 August 2009

Saviours of the British economy

A piece on the BBC about how the economy hasn't shrunk by quite as much
The rate of contraction of the UK economy in the three months from April to June has been reduced by the Office for National Statistics (ONS).

Gross domestic product (GDP) has been revised to a fall of 0.7% from 0.8% compared with the previous quarter.

The year on year decline has been revised to 5.5% from 5.6%.
The article has some rather fancy-pants graphs of GDP showing that what we're suffering from right now is worse than what we suffered in early nineties. Anyhoo, I'm not concerned by it, I'm concerned with the line that says...
The ONS said the revision was due to better-than-expected output from the manufacturing, energy, wholesaling and motor vehicle sectors.
What did that better than expected output look like on the job front? Well, here's a graph sprung forth from my google docs spreadsheet of job vacancies

So we can see that from April to June, the manufacturing and motoring sectors did grow, as you'd expect in a busy sector. Manufacturing seems to have declined a bit in July though, and motoring has just kind of leveled out in August.

I only started tracking jobs in the energy sectory in August, so its not too helpful, just showing a decline. Admittedly just checking jobs listed on one website isn't the most authoritative means of collecting numbers, but its better than nowt, and the April-May-June growth is validated.

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