London Olympics to Thank for 61,000 Jobs Boost, Say Experts



Tags:

But unemployment could go up again once 2012 Games are over

London Olympics to Thank for 61,000 Jobs Boost, Say Experts.

THE LONDON OLYMPICS is behind today's surprise fall in unemployment as recorded by government number-crunchers, say economists.

UK unemployment fell by 65,000 in the three months to May, reported the Office for National Statistics, to stand at 2.58 million.

61,000 of the gain in jobs came in London, with the Olympic-powered service and construction sectors thought to be responsible for the bulk of the new jobs, despite the debacle surrounding unfilled security guard posts at G4S.

"The imminent holding of the Olympic Games is currently providing a boost to employment," economist Howard Archer of IHS Global Insight told the BBC.

Despite the good news on jobs, London's unemployment rate still stands at 8.9% - against a national average of 8.1% - and the downside to the Olympics boost is that the work created might well be temporary and we'll see unemployment rise in the autumn.

"If this is Olympic-related temporary hiring, it is likely to be unwound again later in the year," said Peter Dixon of Commerzbank.




See Also

Paris Hilton. Copyright LondonNet LimitedEntertainment - Latest gossip and stories from the world of celebs...
Restaurants
Dining - Find and book a special meal at one of our many restaurants...
London Accommodations
Accommodations - Hotels, apartments, budget options...
Clubs
Clubs - Find out which nights are your nights for clubbing...
Art
Arts - What's on at London's galleries, and buy tickets...
London Cinemas
Cinema - All you need to know about the latest movies...
Shopping in LondonFashion - What's hot on the high street and cool underground...
Music
Music - Gigs, album reviews, interviews and more...