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The Path To Full Employment, But Slack Remains. Monthly non-farm payrolls have expanded at an average of 280k since mid-2014…

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Presentation on theme: "The Path To Full Employment, But Slack Remains. Monthly non-farm payrolls have expanded at an average of 280k since mid-2014…"— Presentation transcript:

1 The Path To Full Employment, But Slack Remains

2 Monthly non-farm payrolls have expanded at an average of 280k since mid-2014…

3 …which has lifted employment to around 2% above the pre-recession peak

4 The unemployment rate has edged down to 5.5% from a peak of 10%...

5 …but the part rate remains depressed, although it has stabilised in the past year…

6 …while the employment to population ratio has also only partially recovered

7 Unemployment duration has declined to 13 weeks, its lowest level since 2009…

8 ..while the quit rate – a barometer for worker optimism - is approaching pre-recession levels

9 Long term unemployment has dropped to 2.7 million people for the first time since 2009

10 Under-employment has declined significantly but is still stubbornly high

11 Employment in crisis exposed industries hasn’t fully recovered to pre-recession levels

12 Average hourly earnings has dipped to sub-2% yoy and is growing only just ahead of core inflation

13 The Phillips curve has flattened considerably since the financial crisis

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