Reason 6: Another Decade of the Jobs Recession
Since the crisis began, unemployment has skyrocketed. In 2007, unemployment was 4.5 percent. Today, it is touching 15 percent and, without emigration, it would be even higher. We have the 5th highest levels of both unemployment and long-term unemployment in the entire EU-27.
Nearly 400,000 full-time jobs have been destroyed since 2007. More than one-in-five full-time jobs have been wiped out by a combination of the property crash, austerity policies and the Government’s refusal to address the most urgent issue in the economy.
And it’s not going to get much better in the short term.
-> The IMF estimates that, even by 2017, unemployment will still be 11 percent.
But more shocking is that we won’t return to pre-crisis levels of employment for a decade.
Prior to the recession there were 2.1 million people at work. Based on IMF trends, we won’t return to that level until 2022. And that may be on the optimistic side. Ernst & Young projections suggest we may not return to pre-crisis employment levels until later in the next decade. And during this whole time our labour force will be growing as tens of thousands of new entrants enter the market. We are headed into a decade of high unemployment.
Why should we march? Because we can’t wait for another decade to get back to work.
Download PDF here: Reason 6 Jobs
- Posted in: Uncategorized