McJOB BLUES

摘要

One of the brightest spots of the UK economy in recent years has been the performance of the jobs market. For example, having peaked at 8.4% at the end of 2011, the unemployment rate had dropped to 5.6% in early 2015. Meanwhile, the same period saw the number in work stand at just over 31 m, 2m higher than the recessionary low point at the end of 2009. However, the flipside of strong jobs growth has been a dismal performance for earnings, with average real pay ending 2014 8% below its 2007 level. A look at the minutiae of the labour market data points to other less pleasing developments in the jobs market.