The UK may be struggling to emerge from recession, but its labour market is providing brighter news. Unemployment, currently 2.46m or 7.8 per cent of the workforce, shows signs of stabilising earlier than many predicted. It rose by just 30,000 in the three months to September compared with the previous quarter.

It is not yet time to cheer. The recession has been particularly tough on men, who have lost jobs at a faster rate than women, while joblessness among young people is also high. Almost 1m people are working part-time because they cannot find a full-time job. It is possible, though, that unemployment may peak below 3m.