Not good at TfL Dec 13, 2018 10:55:35 GMT
Post by ducatisti on Dec 13, 2018 10:55:35 GMT
1) recession leading to greater unemployment ??
Employment higher than it has ever been, Unemployment at lows not seen for many years. Which two quarters has growth turned into decline or have you a new definition of recession.
Whatever the reasons I think you need to look further than item 1.
Last formal recession 2009. but "However, the 2010s saw four separate periods of Quarter on Quarter fall in growth: 2010 Q4 (-0.4); 2011 Q4 (-0.1); 2012 Q2 (-0.5); and 2012 Q4 (-0.2). Effects of this recession have been lasting into the early-mid 2010s. "
Employment numbers is another shibboleth - the ONS definition of employed is "The number of people in employment in the UK is measured by the Labour Force Survey (LFS) and consists of people aged 16 and over who did one hour or more of paid work per week (as an employee or self-employed), those who had a job that they were temporarily away from, those on government-supported training and employment programmes, and those doing unpaid family work. Employment levels and rates are published each month in the labour market statistical bulletin"
Wage growth is also massively affected by a decade of non-growth and inflation
"The fact that 3.1% is the biggest pay rise since February 2009 says more about how weak pay growth has been in the last decade than how strong it has been in the past year. Strip out the effect of inflation (as measured by the Consumer Prices Index) and you get pay growth of just 0.6%.
Then look back at the last decade, the worst decade for living standards in 200 years. If you're a half-full person, well we're up by about £25 per week on average since the squeeze on living standards was at its tightest back in 2014.
But if you're half-empty, we're still earning about £20 a week less than we did 10 years ago when the global financial crisis struck."
It may not be a formal recession, but wages and growth (and possibly most importantly wage security) have taken an absolute battering when looked at in terms of the money in the pocket of the person who will take public transport.
Now look at rental rises