Unemployment Up to 11.4% in April
This post was written by Karl Whelan
Today’s release shows that the standardised unemployment rate, which is based on the Live Register, rose to 11.4% in April from 11% in March.
I’m tempted to greet the four-tenths increase as a sign that the pace of slowdown is moderating relative to the disastrous increases observed in January and February. This is pretty cold comfort—this is still consistent with an annualised pace of increase in the unemployment rate of almost 5%—but I guess second derivatives have to turn negative before we reach a global maximum.
On the whole, though, I still reckon we’re looking a double digit rate of decline for average-over-average GDP this year.