TUC Economic Quarterly Report 7
This quarterly TUC report provides an analysis of UK economic developments over recent months; focuses on the current labour market compared to pre-recession levels; and includes a spotlight feature on productivity since 2008.
- Economic activity appears to have weakened a little from the end of 2014 and into 2015.
- Historic imbalances have not been repaired, with manufacturing back in decline.
- Household and corporate savings have been reduced over the past years, and deleveraging may have stalled.
- As a share of GDP, the current account deficit is at an all-time high.
- Public sector deficit reduction has fallen far short of expectations, and government cuts have made no impression on public debt.
- Since 2008 there has been a major shift in employment towards part-time work, self–employment and insecure work.
- Underemployment remains high.
- Young people have not benefitted from the recovery in the labour market.
- From a longer standing view, real earnings remain greatly below pre-crisis outcomes.
- Only an increase in productivity will bring sustained wage increases in the medium term, but low productivity has been one of the characteristics of the labour market recovery.
Download the report here.