The Great Recession In The Uk Labour Market: A Transatlantic Perspective
AbstractThe increase in unemployment in the United Kingdom that accompanied the Great Recession has been conspicuous by its moderation. The rise in joblessness is dwarfed by the recent experience of the United States, by past recessionary episodes in the UK and by the contraction in GDP in the UK. Increased rates of job loss have played a dominant role in shaping the rise in British unemployment. Unemployment duration has not increased to the levels seen in previous recessions, in contrast to the US where duration substantially exceeds previous peaks. Looking forward, the UK labour market appears to have adjusted fully to the shocks that prompted the recession. Signs of reductions in match efficiency witnessed recently in the US are not mirrored in the UK. In contrast, while long-term unemployment currently remains well below historical levels, recent estimates of job finding rates suggest that it has the potential to rise much further. Thus, a timely recovery in aggregate demand will play an important role in averting persistently high unemployment in the future.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by National Institute of Economic and Social Research in its journal National Institute Economic Review.
Volume (Year): 214 (2010)
Issue (Month): 1 (October)
Contact details of provider:
Postal: 2 Dean Trench Street, Smith Square, London SW1P 3HE
Phone: +44 (020) 7222 7665
Fax: +44 (020) 7654 1900
Web page: http://www.niesr.ac.uk/
More information through EDIRC
Labour market; business cycle; unemployment; worker flows;
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Michael W. L. Elsby & Jennifer C. Smith & Jonathan Wadsworth, 2011.
"The role of worker flows in the dynamics and distribution of UK unemployment,"
Oxford Review of Economic Policy,
Oxford University Press, vol. 27(2), pages 338-363.
- Michael W. L. Elsby & Jennifer C. Smith & Jonathan Wadsworth, 2011. "The Role of Worker Flows in the Dynamics and Distribution of UK Unemployment," CEP Discussion Papers dp1058, Centre for Economic Performance, LSE.
- Elsby, Michael W.L. & Smith, Jennifer C. & Wadsworth, Jonathan, 2011. "The role of worker flows in the dynamics and distribution of UK unemployment," The Warwick Economics Research Paper Series (TWERPS) 962, University of Warwick, Department of Economics.
- Elsby, Michael & Smith, Jennifer C. & Wadsworth, Jonathan, 2011. "The Role of Worker Flows in the Dynamics and Distribution of UK Unemployment," IZA Discussion Papers 5784, Institute for the Study of Labor (IZA).
- Nitika Bagaria & Dawn Holland & John Van Reenen, 2012.
"Fiscal consolidation during a depression,"
LSE Research Online Documents on Economics
47524, London School of Economics and Political Science, LSE Library.
- repec:mod:depeco:0010 is not listed on IDEAS
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (SAGE Publications).
If references are entirely missing, you can add them using this form.