After deteriorating last year, there have been signs of improvement in city labour market in recent months. Unemployment appears to be stabilising and the total hours worked in the economy has increased.
There was a large fall in total hours worked after the Royal Wedding as a result of the extra bank holidays. This fall was expected to be a one off, but there was no bounce back in following months, underlining the weakness of the economic recovery. However, there has been some improvement in recent months suggesting that demand in the economy may be picking up, despite contracting by 0.2 percent in the final quarter of 2011.