The UK has finally left recession. As Gordon Brown repeatedly told us, we were one of the best placed economies to weather the storm – although quite how that tallies with being the last major economy to see growth and having the longest recession since current records began escapes me.
What is interesting to me, is how Jobseekers Allowance claims in Wandsworth appear (and I stress appear) to have followed economic growth. Previously there has been a lag, with unemployment increasing after the recession has ended. JSA is only a proxy for unemployment (many people who are unemployed choose not to claim, or are ineligible) but its recent plateau seems to mirror the plateau in the economy. Whether this is coincidence, or a sign that the nature of recessions has changed, remains to be seen.
It’s not a dynamic end to the recession – only 0.1% growth in the provisional estimate – but a positive sign.