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The UK labour market and the 2008 - 2009 recession

Gregg, Paul and Wadsworth, Jonathan (2010) The UK labour market and the 2008 - 2009 recession. Centre for Economic Performance occasional papers, CEPOP25. Centre for Economic Performance, London School of Economics and Political Science, London, UK.

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Abstract

The recession of 2008-2009 inflicted a larger cumulative loss of UK output than any of the other post-war recessions. Nevertheless, employment rates remained higher than might have been expected given the experience of previous recessions. The main reasons for this appear to be a combination of high firm profitability levels going into the recession, supportive monetary and fiscal policies during the recession, reductions in real producer wages and relatively buoyant real consumer wages. Unemployment had reached its lowest levels for thirty years going in to the latest recession and has also remained relatively subdued through the downturn, certainly compared to previous recessions. A combination of lower inflow rates into unemployment, allied with a relatively higher outflow rate into employment, underlie this. As government support for the economy is scaled back and productivity growth remains low, it may be that it will take a long time for employment to return to levels last seen before the recession.

Item Type: Monograph (Discussion Paper)
Official URL: http://cep.lse.ac.uk
Additional Information: © 2010 The authors
Library of Congress subject classification: H Social Sciences > HB Economic Theory
H Social Sciences > HD Industries. Land use. Labor
D History General and Old World > DA Great Britain
Sets: Collections > Economists Online
Research centres and groups > Centre for Economic Performance (CEP)
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Identification Number: CEPOP25
Date Deposited: 22 Jul 2010 14:43
URL: http://eprints.lse.ac.uk/28758/

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