Chapter III. Unemployment

Anonymous

National Institute Economic Review, 1983, vol. 106, 39-48

Abstract: The growth of registered unemployment since the mid-1960s has the appearance of a cycle of increasing amplitude about an accelerating upward trend. Chart 1 illustrates this well. The cyclical variation of unemployment was already familiar before the 1960s and its behaviour is, we would maintain, quite predictable and reasonably well understood. The upward trend, however, was not predicted and its origin and significance are matters of uncertainty and dispute. The nature of the problem is highlighted by the contrast between the upward trend in registered unemployment and the almost trendless series for notified vacancies. These two series and the other labour market indicators in table 1 all show a consistent cyclical movement but their secular growth rates are quite different.

Date: 1983
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