On forecasting private sector job creation . . . by 2024

A very troubling analysis by the TUC which says that if private sector companies continued to create jobs at the same rate as they have over the past decade, it would take 14 years before the country could make up for jobs lost during the recession.

I hope they’re wrong.

I also remember an argument that was put forward during the 1992 recession that each recession creates additional long-term employed, thus creating a much higher natural unemployment rate. The UK was supposed to come out of that recession with full employment translating into a 9% unemployment rate. It didn’t happen.

I know that too many of us have been far too optimistic but forecasting any further than 18 months out is fiendishly inaccurate. I daresay 2024 will be a quite radically different economy to the one we have today.