Unemployment shows quick rebound for labour market
Today's fall in the Labour Force Survey of unemployment shows that the labour market has rebounded more quickly than in any previous recession since the 1970s.
Today’s fall in unemployment shows that the labour market has rebounded more quickly than in any previous recession since the 1970s.
Comparing the increase in unemployment across four recessions from the first quarter that unemployment rose to the first quarter in which it fell shows that the labour market is now more able to withstand the impact of the recession than in the past. It took 21 quarters for unemployment to fall during Margaret Thatcher’s first recession compared to just seven quarters in this downturn.
We’ll update with more analysis later on the good and bad news in today’s release.
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