The Initiative in Swindon has welcomed the latest fall in unemployment but warned the economy still suffers from “fundamental weaknesses”.
It also called for action over stubbornly-high youth unemployment, describing it as “dark cloud” hanging over the otherwise good news.
Figures from the Office of National Statistics yesterday showed unemployment in the South West fell by 13,000 to 4.7% between July and September, leaving it much lower than the national average of 6%. It was the 18th consecutive fall in national unemployment.
Ian Larrard, director of the Initiative in Swindon, which is part of Business West, described the fall as positive news but added: “This is not the only indicator we need to consider and road blocks still remain.
“Despite total unemployment falling rapidly, we are still seeing the same issues crop up with youth unemployment, which remains stubbornly high.
“This dark cloud, lurking over encouraging news, is a symbol of the wider picture as Business West’s latest survey indicates a slowdown in the growth of major indicators such as domestic and international sales, recruitment and business confidence despite a strong first half of 2014.
“Although the positive news coming out of the labour market is welcome, we must not be complacent as fundamental weaknesses in the economy still hamper our future prosperity.”
