Unemployment rises slightly in the run-up to the budget

Youth unemployment rises rapidly.

Unemployment has risen by 7,000 people in the three months to January, leaving the rate unchanged at 7.8 per cent, according to the ONS:

The employment rate for those aged from 16 to 64 for November 2012 to January 2013 was 71.5%, up 0.3 percentage points from August to October 2012. There were 29.73 million people in employment aged 16 and over, up 131,000 from August to October 2012.

The unemployment rate for November 2012 to January 2013 was 7.8% of the economically active population, unchanged from August to October 2012. There were 2.52 million unemployed people, up 7,000 from August to October 2012.

The inactivity rate for those aged from 16 to 64 for November 2012 to January 2013 was 22.3%, down 0.3 percentage points from August to October 2012. There were 8.95 million economically inactive people aged from 16 to 64, down 118,000 from August to October 2012.

Between November 2011 to January 2012 and November 2012 to January 2013 total pay and regular pay rose by 1.2%. However as inflation measured by the Consumer Prices Index was 2.7% between January 2012 and January 2013, there continues to be a cut in the real value of pay.

The biggest news in the headline statistics is the continued weakness in regular pay, growth of which is down by 0.1 percentage point on the previous three months. Real pay is therefore declining even more rapidly than it was before.

In below-the-line figures, youth unemployment rose by 48,000, or 0.9 percentage points, almost reversing the gains made in the prior quarter:

 

Pulling the rabbit from the hat. Photograph: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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The Brexit elite want to make trade great again – but there’s a catch

The most likely trade partners will want something in return. And it could be awkward. 

Make trade great again! That's an often overlooked priority of Britain's Brexit elite, who believe that by freeing the United Kingdom from the desiccated hand of the European bureaucracy they can strike trade deals with the rest of the world.

That's why Liam Fox, the Trade Secretary, is feeling particularly proud of himself this morning, and has written an article for the Telegraph about all the deals that he is doing the preparatory work for. "Britain embarks on trade crusade" is that paper's splash.

The informal talks involve Norway, New Zealand, and the Gulf Cooperation Council, a political and economic alliance of Middle Eastern countries, including Kuwait, the UAE and our friends the Saudis.

Elsewhere, much symbolic importance has been added to a quick deal with the United States, with Theresa May saying that we were "front of the queue" with President-Elect Donald Trump in her speech this week. 

As far as Trump is concerned, the incoming administration seems to see it differently: Wilbur Ross, his Commerce Secretary, yesterday told Congress that the first priority is to re-negotiate the Nafta deal with their nearest neighbours, Canada and Mexico.

In terms of judging whether or not Brexit is a success or not, let's be clear: if the metric for success is striking a trade deal with a Trump administration that believes that every trade deal the United States has struck has been too good on the other party to the deal, Brexit will be a failure.

There is much more potential for a genuine post-Brexit deal with the other nations of the English-speaking world. But there's something to watch here, too: there is plenty of scope for trade deals with the emerging powers in the Brics - Brazil, India, etc. etc.

But what there isn't is scope for a deal that won't involve the handing out of many more visas to those countries, particularly India, than we do currently.

Downing Street sees the success of Brexit on hinging on trade and immigration. But political success on the latter may hobble any hope of making a decent go of the former. 

Stephen Bush is special correspondent at the New Statesman. His daily briefing, Morning Call, provides a quick and essential guide to British politics.