I thought it timely to revisit these four salient points:
- The impact across industries differs greatly. In past recessions, employment tends to fall in agriculture, manufacturing and construction, but also tends to rise in ‘recreation and personal services’, and sometimes also in the ‘community services’ industry.
- In percentage point terms, youth unemployment tends to rise more than prime-aged unemployment in recessions,
- In recessions, long term unemployment tends to increase more than short-term unemployment.
- Unemployment inflows and outflows both increase