Jobs and Business Highlights
January 28, 2009 10:38 PM
Unemployment: 1.92 million people were out of work in December 2008, a rate of 6.1%, the highest since April 1999 (Office of National Statistics). This was before recent job losses in retail, banking and car manufacturing. The number of jobless is set to hit 3 million by the end of 2009.
Recession: the economy is now officially in a recession. The Office of National Statistics announced on 23rd January that the economy shrank 1.5% in the 4th quarter of 2008. This is the biggest fall since 1980.
Manufacturing: output fell in November by 7.4% compared to November 2007, the biggest fall since November 1981 (Office of National Statistics)
Car manufacturing: the number of cars made in December 2008 fell 47.5% compared with December 2007, while commercial vehicle production was down 56.7% (Society of Motor Manufacturers and Traders)
Business liquidations: there were 4,001 voluntary and compulsory liquidations in England and Wales in the third quarter of 2008. The figures represented a 10.5% rise on the previous quarter and an increase of 26.3% on the same period a year ago. (Insolvency Service)
Business confidence in politicians: Vince Cable enjoys more trust in the business world than the Chancellor Alistair Darling and his Tory counterpart George Osborne. (ComRes poll of business leaders in Independent 22nd January 2009)
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