In its editorial of January 25the, the Financial Times commenting upon the figure of 814,000 unemployed had this to aay about the cutlook for 1963,
"Unless the rate of growth accelerates thi year, there will indeed be stong forces tending to push up the rate of unemployment. Thora in tho naturcl growth of about 3 per cent in productivity and shout + per cent in the size of the labour force to be absorbed; an industrial growth rate of under 34 per cent would therefore tend to lead to an increase in the numbers cut of work, Second, the process of dis-hoarding labour, which has almost certainly contri uted to the incrosse in unemployment in recent months, has probably got quite a long way to go still. The extent to which modern industry tends to under-usce labour at a time of stagnation, and the case with which firms con oxpand output if need be without taking on more workers hes been strikingly demonstrated in the U.%. in the last two years, and there is no reason for thinking that the some forces are not at work in the U.K."