On September 15, 2009
UK Unemployment Held in Check by Shared Pain Economy
Employment figures are due out later this week, but the Chartered Institute of Personnel and Development (CIPD) has pre-empted the official line with an assessment of the impact of the recession on the UK labour market. The report notes unemployment has not kept pace with the overall fall in production. This means the relationship between the economic downturns of the 1980s and 1990s and the unemployment figures of the day have not been echoed this time around. CIPD chief economist John Philpott put this mismatch down to the willingness by the country’s employed population to accept reductions in incomes for everyone over job cuts for some. He termed it the Shared Pain Recession. The demographic that is most at risk…
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