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So the UK is finished says Theresa Mayhem

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Comparing it to 1975 is the rub. It was a terrible year with things associated with future Brexit predictions  ie doom and gloom already extant. Inflation 25%, strikes, disruptions, bolshie unions. Items in supermarkets carried multiple sticky price labels one on top of the other because of inflation. Prices went up by the hour. Comparing it to 1975 is like saying 1941 was a good year compared to 1940. In 1975 I was often stranded between stations when drivers worked to rule on the trains. I suppose they chose 1975 because that is when had a referendum about staying in the then EEC. Propaganda. 

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49 minutes ago, quilp said:

Where is this "shrinking workforce?" A quick scan of ONS figures suggests you're wrong. How have you formed your opinion?

The UK's "shrinking workforce" is referenced in the BBC article Woody has linked to above. Also here.

That took me to the summary of the latest ONS report which is here:

https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/articles/labourmarketeconomiccommentary/august2018

Quote

The number of economically active people fell from 33.77 million in the first quarter (Jan to Mar) of 2018 to 33.75 million in the second quarter (Apr to June). The 35 to 49 years age group had the largest number of active people (11.14 million), and the highest economic activity rate (87.5%).

Compared with the previous quarter, the 18 to 24 years age group experienced the largest decrease in economic activity. Those aged 65 years and older experienced the largest increase in economic activity, up by 30,000 on the quarter.

The number of inactive people increased by 77,000 to 8.74 million in the second quarter. The inactivity rate increased after two consecutive quarters of declining. Analysis by age group shows that inactivity among 16- to 17-year-olds decreased, but it increased among all other age groups. The largest increase in inactivity occurred in the 18 to 24 years age group, which increased by 39,000 on the quarter.

Shrinking workforce relative the total size of the population helps explain why there are so many unfilled vacancies. That's not good for the economy. It also means employers have fewer choices.

Also - more people have to work till they die.

But these are only trends and indicators so far.

Woody is confusing the size of the workforce with the number of people in jobs.

Edited by pongo

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8 minutes ago, Barrie Stevens said:

Comparing it to 1975 is the rub. It was a terrible year with things associated with future Brexit predictions  ie doom and gloom already extant. Inflation 25%, strikes, disruptions, bolshie unions. Items in supermarkets carried multiple sticky price labels one on top of the other because of inflation. Prices went up by the hour. Comparing it to 1975 is like saying 1941 was a good year compared to 1940. In 1975 I was often stranded between stations when drivers worked to rule on the trains. I suppose they chose 1975 because that is when had a referendum about staying in the then EEC. Propaganda. 

they used 1975 because that's when it was last down to these levels.....

nothing more.....

Edited by woody2

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2 minutes ago, pongo said:

Woody is confusing the size of the workforce with the number of people in jobs.

that's not what the graph shows......

it shows the numbers in work is increasing......

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5 minutes ago, woody2 said:

that's not what the graph shows......

it shows the numbers in work is increasing......

The workforce is the number of people available for work. Not the number of people in work. Employers are forced into scraping the barrel. But unfilled vacancies at a high. That's economic activity lost.

And more and more retired people. In 1975 there were many fewer retired people relative to the numbers in work effectively supporting them.

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How do you define unemployment? It has been moved about so much over the years. I have been unemployed at various times of economic crisis 1987, 1993, 2008-2014.

The statistics started to be massaged in the early 1980s when they said "the number of people unemployed and signing on etc" was "X"...But many people were put on schemes and courses whereby they got more benefits &/or did not have to sign on.

The key was "signing on". Then it moved on to means tested benefits other than "Dole" so you did not count as unemployed. Then a full time job was legally defined as 16 hours as week so the people in full time employment rocketed in theory as those on benefits were made to work 16 hours a week but with their wages made up to a living level and which still happens. The latest version of this is the "Zero Hours" contract.

In 1987 I signed on until they offered me a full time media studies(!) course at Salford College of Technology all paid and found. No signing on. Not unemployed. 

Ditto 1993 when I was put on an IT course at Lancaster Chamber of Commerce for a year. Not counted as unemployed.

I was unemployed down on my manor age 58 when the banks crashed. However when I was 60 they offered me the state pension I would get at 65 on the basis that I would not have to sign on and so I was not counted as unemployed. This was called "Pension Credit" Neither did I have to seek work.

When I was 65 I was not unemployed as I was no longer legally obliged to seek work being then an OAP proper.

Now they have a sort of universal benefit or credit which has failed to get off the ground so far.

I contributed towards the Office of National Statistics report. I think they pick the names out of a hat! The payment is a book of first class stamps by way of a thank you.

I suppose people returning to the EU makes for job vacancies in theory but the problem is getting folk off the benefits once they have been out of circulation a long time.

 

 

 

 

 

 

 

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