Ten Important Facts about the UK Labour Market Today.

In an article for the National Institute Economic Review published today I reviewed the main trends in the UK labour market over the last 50 years. Ten important facts emerge:

Ten important facts emerge:

1. Unemployment although oscillating between 12% and 4% has fallen dramatically to its level of around 4% now – it’s lowest in 50 years. An examination of figure 1 shows that unemployment in the UK which went from a steady state full employment rate of 2–4 per cent in the 1960s and early 1970s to a huge high of around 13 per cent by 1984. 

Figure 1. Unemployment rate aged 16 and over (seasonally adjusted)

Full story at Niesr.

By Prof. Peter Dolton.