Olympics boost helps cut UK unemployment to 2.58m

[alp227]

Source: The Guardian

Unemployment has declined for a fourth successive month to its lowest level since last summer – 2.58 million people – as the Olympics helped offset the flat-lining economy and continued turmoil in the eurozone.

The Office for National Statistics said the number of people looking for work had fallen by 65,000 in the three months to May, driving the unemployment rate down to 8.1%, from 8.3% three months earlier. The ONS said the strong performance of London – with the capital registering 61,000 more people in employment over the period – indicated an Olympics link.

Falling unemployment will be welcome news for George Osborne, whose economic policies have come under fierce scrutiny after the International Monetary Fund slashed its growth forecast for the UK this year to just 0.2%.

Howard Archer, of consultancy IHS Global Insight, said: "The labour market is displaying impressive resilience given the very real likelihood that the economy suffered a third successive quarter of contraction in the second quarter." He suggested the boost to employment from the Olympics may have helped to contain unemployment.

Read more: http://www.guardian.co.uk/business/2012/jul/18/olympics-boost-cut-uk-unemployment

[KurtNYC]

1. Fun with statistics -- a 6-week job paid hourly counts the same as FT w/benefits

Hey they could cut unemployment to zero... Anything you do, for even a few hours, counts as a career:

Count a stoop sale (garage sale) as 'sole proprietor of a retail business'
One used car sale means the person is, obviously, employed as a high ticket sales person.
Your kid cuts the neighbors grass? That's two more employed people: landscaper and landscaping supervisor.
Bake sale, poker game, driving your kid to school...

Congratulations! We are all employed now!