Changes in Output, Employment and Wages During Recessions in the United Kingdom

8 Pages Posted: 25 Mar 2010

See all articles by Renato Faccini

Renato Faccini

Bank of England

Chris Hackworth

Bank of England - Monetary Analysis

Date Written: March 15, 2010

Abstract

Employment has fallen during this recession but by much less than the fall in output. This article examines how the behaviour of the labour market compares with previous recessions. A number of factors, including greater flexibility in real wages, may have helped to mitigate the fall in employment to date. But there is considerable uncertainty about how the labour market will evolve.

Suggested Citation

Faccini, Renato and Hackworth, Chris, Changes in Output, Employment and Wages During Recessions in the United Kingdom (March 15, 2010). Bank of England Quarterly Bulletin, 2010 Q1, Available at SSRN: https://ssrn.com/abstract=1574302

Renato Faccini

Bank of England ( email )

Threadneedle Street
London, EC2R 8AH
United Kingdom

Chris Hackworth (Contact Author)

Bank of England - Monetary Analysis ( email )

Threadneedle Street
London EC2R 8AH
United Kingdom

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