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Archive for August 2012 | Monthly archive page

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In: Employment, Recession

Comments Off on Contrasting Output and Employment

Below is a chart which looks at employment experience over previous recessions and adds in employment data taken from Feinstein’s National Income Expenditure and Output of the UK, 1885-1965. It is annual data only so shows a smoother pattern than the more recent quarterly data, but raises the possibility that the current recession might not

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In: Employment, Recession

Comments Off on How bad is this recession?

A number of commentators have pointed out that this is the slowest recovery from recession in more than a hundred year. Taking output measures this is correct. But taking employment as the main measure of recession it is not. Both the 1980s and the 1990s saw much sharper job losses, while the 1970s recession saw

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