Friday, 31st January 2014
An International Perspective on the UK - Labour Market Performance
Source: Office for National Statistics (UK)
• The UK experienced a bigger fall in real Gross Domestic Product (GDP) during the 2008-2009 economic downturn than most other major economies, and has seen slower than average growth since the trough.
• In view of the weakness in GDP since 2008, the UK labour market has been more resilient than expected relative to other G7 economies.
• Productivity growth in the UK slowed markedly following the economic downturn, whereas before 2007 the trend in productivity had been similar to that of the US.
• Labour markets in the UK are generally recognised as being more flexible than in other major European economies, but less flexible than the US.
• Pre-downturn, UK real wage growth was the strongest in the G7. Post-downturn, the UK has experienced the largest fall in real wage growth among this group of countries.
• The labour market adjustment following the economic downturn in the UK has been most evident in the response of wages, whereas the response in the US has been more evident in employment.
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By Adrian Janes
Having begun his career in academic libraries, Adrian Janes has subsequently worked extensively in public libraries, chiefly in enquiry work as an Information Services librarian. In this role he has had particular responsibility for information from both the UK Government and the European Union. He wrote a detailed report on sources for the latter which was published by FreePint in 2007, and has contributed articles to FreePint and ResourceShelf. He is involved in training in information literacy and the use of online reference resources.
A Contributing Editor to DocuTicker, he also write reviews for Pennyblackmusic.
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