Labour Market

The imminent economic downturn may be a “job-rich recession”

Professor Len Shackleton quoted in The Guardian

Professor Len Shackleton, IEA Editorial and Research Fellow, has been quoted extensively in The Guardian on the latest labour market figures, published by the Office for National Statistics.

Looking at employment rates, wages and job vacancies, Len says:

“The latest labour market figures are a mixed bag. The main indicators such as payroll employment (which was a record high again in July), unemployment (only very marginally up), inactivity (unchanged), vacancies (still very high) and redundancies (falling and below pre-pandemic levels) all continue to paint an acceptable picture.

“Caution always needs to be applied to published pay figures of this kind, which are statistical constructions and don’t relate to the experience of any actual individuals.

“The vast majority, however, will on the evidence of today’s figure at least keep their jobs for the time being. The hope must be that an imminent downturn in the economy will be a relatively job-rich recession unlike the recessions of the past.”

Read the full article here.