Economic Indicators, July 2011

Latest labour market data showed unemployment falling by 88,000 in the most recent three-month period (February-April 20111), the largest decline since 2000. Employment rose by 80,000 during the same period, with declines in public sector employment being more than offset by increases in the private sector (see article on page ii). Elsewhere, quarterly national accounts data showed real household disposable income declining in Q1 2011 as wage growth (just over 2%) failed to keep pace with inflation (over 4%).