For most of the time since the turn of the millennium the UK labour market had
performed very well on a variety of measures, including employment growth and
unemployment. Between January 2000 and April 2008 employment grew by nearly two
million from 27,310,000 to 29,541,000. Over the same period the employment to
population rate (EPOP) grew from 59.3% to 69.3%. The level of unemployment was
little changed although the unemployment rate fell from 5.8% to 5.2% as the labour force
increased. It wasn’t all good news, because youth unemployment, particularly of 18-24
year olds, increased from 12.7% in 2000 to 14.5% in 2008, whereas the youth rate
declined across the rest of the OECD. This should all be placed in context though.
Before the onset of recession, at the start of 2008, Appendix A shows that unemployment
in the UK at 5.1% was still higher than in Austria (4.0%); Denmark (3.2%); Ireland
(4.9%); Japan (3.9%); Netherlands (2.8%); Norway (2.5%) and USA (4.9%
For most of the time since the turn of the millennium the UK labour market had
performed very well on a variety of measures, including employment growth and
unemployment. Between January 2000 and April 2008 employment grew by nearly two
million from 27,310,000 to 29,541,000. Over the same period the employment to
population rate (EPOP) grew from 59.3% to 69.3%. The level of unemployment was
little changed although the unemployment rate fell from 5.8% to 5.2% as the labour force
increased. It wasn’t all good news, because youth unemployment, particularly of 18-24
year olds, increased from 12.7% in 2000 to 14.5% in 2008, whereas the youth rate
declined across the rest of the OECD. This should all be placed in context though.
Before the onset of recession, at the start of 2008, Appendix A shows that unemployment
in the UK at 5.1% was still higher than in Austria (4.0%); Denmark (3.2%); Ireland
(4.9%); Japan (3.9%); Netherlands (2.8%); Norway (2.5%) and USA (4.9%
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