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It’s The Economy      Stupid
The tools that economists use• Much of an economists’ work is looking at  data sets• There is a growing amount of good dat...
Video Summary: Latest on the Labour Market, September2012Part of Labour Market Statistics, September 2012 ReleaseReleased:...
. This short video shows that:Unemployment for everyone aged 16 and over for May to July 2012 was 2.59million, down 7,000 ...
Key points from the September 2012 Press ReleaseThe employment rate for those aged from 16 to 64 for Mayto July 2012 was 7...
We should always askWhat exactly is in this data set?For example unemployment figures represent the number of people who a...
A second set of unemployment figuresThis is the claimant count, that is people who get Jobseeker’sAllowance. It comes from...
A second set of unemployment figures                  www.thecloudschool.co.uk
Data is limited byThe cost of getting data – this can be considerableWhether it measures what you are interested in. Muchd...
http://www.ons.gov.uk/ons/dcp171766_276708.pdfCovers inactivity and explains the statistics                         www.th...
Economically inactive people have                     not been looking for work or are                     not ready to st...
http://hiring.monster.co.uk/hr/hr-best-practices/market-intelligence/labour-statistics-trends.aspx                        ...
http://www.open.edu/openlearn/history-the-arts/culture/philosophy/concepts/60-second-adventures-economicsTry this one on i...
HOMEWORKStart a record of the monthly data on unemployment – this appears inthe middle of the monthWhy do we have unemploy...
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It’s the economy stupid

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It’s the economy stupid

  1. 1. It’s The Economy Stupid
  2. 2. The tools that economists use• Much of an economists’ work is looking at data sets• There is a growing amount of good data in a modern, complex society although austerity means that governments may want to cut this down – for example the next 2021 census• Some data sets get considerable press coverage and thus have an effect on our economic behaviour• We will introduce you to one of these – the figures for unemployment in the UK www.thecloudschool.co.uk
  3. 3. Video Summary: Latest on the Labour Market, September2012Part of Labour Market Statistics, September 2012 ReleaseReleased: 12 September 2012 www.thecloudschool.co.uk
  4. 4. . This short video shows that:Unemployment for everyone aged 16 and over for May to July 2012 was 2.59million, down 7,000 on the previous three months. Employment for the sameage group was 29.56 million, up 236,000 on the previous three months.Public sector employment was 5.66 million in June 2012 and private sectoremployment 23.90 million. Public sector employment was down 235,000 andprivate sector employment up 471,000 between March and June 2012.The three month change in public and private sector employment was affectedby the reclassification of some educational bodies from the public sector to theprivate sector. Excluding the reclassification, public sector employment wasdown 39,000 and private sector employment up 275,000 between March andJune 2012.Finally it looks at total and average hours. It shows that over the past twentyyears average full-time hours have fallen and average part-time hours haveincreased.Source: Office for National Statistics www.thecloudschool.co.uk
  5. 5. Key points from the September 2012 Press ReleaseThe employment rate for those aged from 16 to 64 for Mayto July 2012 was 71.2 per cent, up 0.5 on the quarter. Therewere 29.56 million people in employment aged 16 and over,up 236,000 on the quarter.The unemployment rate for May to July 2012 was 8.1 percent of the economically active population, down 0.1 on thequarter. There were 2.59 million unemployed people, down7,000 on the quarter.The inactivity rate for those aged from 16 to 64 for May toJuly 2012 was 22.4 per cent, down 0.5 on the quarter. Therewere 9.01 million economically inactive people aged from 16to 64, down 181,000 on the quarter.Between May to July 2011 and May to July 2012, total pay(including bonuses) rose by 1.5 per cent and regular pay(excluding bonuses) rose by 1.9 per cent.In this release www.thecloudschool.co.uk
  6. 6. We should always askWhat exactly is in this data set?For example unemployment figures represent the number of people who areout of work but are actively looking for and are available to start work withina fortnightIt is based on surveys done by the Office of National Statistics (ONS) whichmakes three monthly averagesIf you work for as little as one hour a week you are employed, the same goesif you are on a government training scheme or on holiday www.thecloudschool.co.uk
  7. 7. A second set of unemployment figuresThis is the claimant count, that is people who get Jobseeker’sAllowance. It comes from the Department of Work andPensions (DWP). You are entitled to six months worth afteryou lose your job depending on your past National Insurancecontributions, after that it is means tested but even if you getno money, if you sign on, you are a claimant.It is lower than the ONS unemployment figures because thereare many people who are out of work and seeking work whodon’t sign on. This is very true now that we have so many dualincome couples, if one is still in work, the family will get littlein the way of benefits so they don’t bother to sign on.In some more affluent areas, it has become a sign of weaknessto sign on if your finances are good enough not to needbenefits. This in turn means that those who need benefits aremore likely to be stigmatised. www.thecloudschool.co.uk
  8. 8. A second set of unemployment figures www.thecloudschool.co.uk
  9. 9. Data is limited byThe cost of getting data – this can be considerableWhether it measures what you are interested in. Muchdata on graduate employment has been based on surveys done a fewmonths after graduation. Many who will get good employment are stillsearching and taking student type workYou want to make comparisons over time and compare like withlike but where there are major social changes, this can be distortingYou want to make international comparisons www.thecloudschool.co.uk
  10. 10. http://www.ons.gov.uk/ons/dcp171766_276708.pdfCovers inactivity and explains the statistics www.thecloudschool.co.uk
  11. 11. Economically inactive people have not been looking for work or are not ready to start work in the next fortnight. It includes retired people, those looking after a family or home, those who are ill or disabled, students and those who choose not to workwww.thecloudschool.co.uk
  12. 12. http://hiring.monster.co.uk/hr/hr-best-practices/market-intelligence/labour-statistics-trends.aspx www.thecloudschool.co.uk
  13. 13. http://www.open.edu/openlearn/history-the-arts/culture/philosophy/concepts/60-second-adventures-economicsTry this one on invisible hands www.thecloudschool.co.uk
  14. 14. HOMEWORKStart a record of the monthly data on unemployment – this appears inthe middle of the monthWhy do we have unemployment? If you don’t have much economicknowledge at this stage, all the better. Maybe when you have studiedmore economics, you will have a different view. Or you may not.Look in more detail at some aspect of the data on unemployment oractivity rates that interests you. It could be differences between maleand female unemployment, public sector versus privatecompanies, different regions of the country, youth or racial or ethnicgroups.Can you see any major changes in the data? What might they be andwhat might they mean? www.thecloudschool.co.uk

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