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More on unemployment

According to the latest Labour Market statistics, Wales - as this blog has predicted - is well on the way to hitting 100,000 out of work by the end of the year. In addition, the number of economically inactive is going up as well.

And the reaction from the Assembly Government? Well, according to the BBC, a spokesman said

"the numbers were not a surprise, and the impact of the downturn on the car and steel industries had had a big impact on Wales. Today's figures are a statistical confirmation of what we already knew from all the anecdotal evidence available showing a serious down-turn in the economy," he said."

Obviously, they didn't read this article in February on the problems within the labour market or this one in August on the worsening state of the UK economy.

Comments

Draig said…
As the BBC points out, Wales is being hit disproportionately hard (as usual) because our economy is heavily geared towards manufacturing and has significant foreign investment.

I would guess that our glorious strategy of attracting multis here with Welsh taxpayer bribes will be put to a severe test as of next year when Barack Obama starts implementing his protectionist policies.

150,000 by year end? Or is that a conservative estimate?
November 12, 2008 6:14 pm
Draig said…
End of 2009, that is.
November 12, 2008 6:14 pm
MainTour said…
Our Forecasts show that 2009 will be a very tough year.
November 12, 2008 6:18 pm
Professor Dylan Jones-Evans said…
Draig - I think we simply don't know what the job losses will be.

There is talk that around 80 firms have contacted WAG to say they are in serious trouble and need support. If that is the case, then we could be seeing considerably higher unemployment by the end of 2009.
November 13, 2008 7:32 am
Ian Titherington said…
We are on the steepest part of the resession slope and the next few months could prove appalling for Wales. From the construction side, it's dire.
November 13, 2008 11:50 pm
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