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1. A summary explanation of London�s labour market in the recent recession
2. What the summary covers:
3. Note:
4. UK Background
5. UK GDP fell faster, and further, in the 2008 recession than in the 1990s and 1980s recessions:
6. But the claimant count rate has not risen as much in the 2008 recession as it did in the 1990s and 1980s recessions:
7. Employee jobs have also not fallen by as much in the 2008 recession as they did in the 1990s recession:
8. London Background
9. Like the UK, London�s GVA also fell faster in the 2008 recession than in the 1990s recession:
10. And like the UK, the claimant count has not risen as much in the 2008 recession as it did in the 1990s and 1980s recessions:
11. Employee jobs have also not fallen by as much in the 2008 recession as they did in the 1990s recession:
12. Background summary:
13. Why?
14. Summary of analysis of possible explanations:
15. Reduction in relative wages
16. Reduction in relative wages Probably worth taking out the first two bubles that come up explaining what unit labour costs are � let me know what you thinkProbably worth taking out the first two bubles that come up explaining what unit labour costs are � let me know what you think
17. Reduction in relative wages
18. Strong corporate profitability and low rate of business failures
19. Strong corporate profitability and low rate of business failures
22. Growth in public sector
23. Factors that are likely to support the labour market further as the economy grows:
24. Factors that may slow any improvement in the labour market as the economy grows:
25. END
26. ANY QUESTIONS
