Description
By The Trade Union Research Group and John Hughes
“Whereas in previous cycles the downturn in activity (and rise in unemployment) was superimposed on a relatively fully employed economy, on this occasion the initial starting point was quite close to post-war experience of “trough” levels of
activity. This is true whether unemployment or job vacancies are used as appropriate indicators. The typical cyclical swing has taken the British economy from full “productive potential” 1 or near it (within 1 %) to some 5% to 6% below productive potential.”
