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UK unemployment down to 2.47 million

UK unemployment fell by 34,000 in the 3 months to May, now standing at 2.47 million, which is very much in line with analysts expectations. However, despite the fact that overall unemployment is down to 7.8%, against initial forecast of 7.9%, there are growing issues with regards to the UK employment market and the outlook for the future. So what can we expect?

Unfortunately, despite the fact that the UK government and the OBR are adamant that UK unemployment will not top 3 million before it begins to fall back, there are conflicting reports in the marketplace suggesting that unemployment could indeed top 3 million. If this was the case, and nothing is certain, this would not only impact upon UK economic activity but it could indeed blow out of the water the recently announced economic forecasts from the OBR and the UK government. However, it has to be said that there are many different elements to the UK economy and the UK employment market and it is difficult to formulate any forecasts with any real confidence.

If the UK government and the OBR are proven correct in their assumptions regarding economic activity and economic growth then this would be a major feather in their caps. However, if they are wrong then the whole setup of the OBR could be called into question.

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