EconPapers    
Economics at your fingertips  
 

The Great Recession in the UK Labour Market: A Transatlantic Perspective

Michael Elsby and Jennifer C. Smith

National Institute Economic Review, 2010, vol. 214, R26-R37

Abstract: The 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.

Date: 2010
References: Add references at CitEc
Citations: View citations in EconPapers (4)

Downloads: (external link)
https://www.cambridge.org/core/product/identifier/ ... type/journal_article link to article abstract page (text/html)

Related works:
Journal Article: THE GREAT RECESSION IN THE UK LABOUR MARKET: A TRANSATLANTIC PERSPECTIVE (2010) Downloads
Working Paper: THE GREAT RECESSION IN THE U.K. LABOUR MARKET: A TRANSATLANTIC PERSPECTIVE (2010) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cup:nierev:v:214:y:2010:i::p:r26-r37_15

Access Statistics for this article

More articles in National Institute Economic Review from National Institute of Economic and Social Research Cambridge University Press, UPH, Shaftesbury Road, Cambridge CB2 8BS UK. Contact information at EDIRC.
Bibliographic data for series maintained by Kirk Stebbing ().

 
Page updated 2025-03-19
Handle: RePEc:cup:nierev:v:214:y:2010:i::p:r26-r37_15