Chapter IV. Economic Policy

Anonymous

National Institute Economic Review, 1963, vol. 23, 43-50

Abstract: The present position can be summed up in this way:(1)Unemployment, seasonally adjusted—and allowing for the temporary effect of the cold-is probably now something over 2 1/2 per cent, and the underlying trend in January was still rising. (Each 1/2 per cent is about 110 thousand persons.) In addition, there are probably some 150 thousand people who would have joined the labour force last year if demand had been normal; and in 1963 the potential labour force—apart from any reduction in unemployment—is likely to rise by nearly 200 thousand. Altogether, employment could rise by something like 400 to 500 thousand (or 2 per cent) before there was any question of an overall excess demand for labour.

Date: 1963
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