The economic news continues with its mixture of good and bad statistics as to the state of the economy.
The bad news is yesterday’s unemployment figures. These revealed that unemployment rose by 281,000 over the three months to May. There are now 2.38 million unemployed, which is the highest level since 1995. 7.6% of the economically active population are now unemployed, according to the Office for National Statistics, which compares with 6.9% over the three months to February.
There is some good news for the hotel, restaurant and retail sectors, however. According to an Open University Business School survey, hotels and restaurants reported an increase in sales of 27% this quarter, compared to 20% fall in the previous quarter; and sales in the retail sector showed a 23% rise compared to the previous quarter’s 27% fall. Let’s hope this is a sign of a sustainable recovery rather than just down to the recent hot weather.
Gary Cousins
Business Solicitor
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