Quote of the Day

by SixFigureStart | September 16, 2009

  • My Vault
"Most worrying is the speed with which pay growth is now slowing... even if the recession is technically over, it will continue to feel like one for many people for a long time yet," - from a research note by Capital Economics--cited in the Wall Street Journal--discussing the state of the U.K. economy.

According to the piece, the U.K. is facing its worst recession in 50 years. Not surprising, given that the slowdown in pay growth is compounded by unemployment hitting levels not seen since the mid-90s. That figure: 7.9 percent as of the end of July.

Let me spell that out: 7.9 percent unemployment is a crisis in the U.K. Remind me what the U.S. number is again?

--Posted by Phil Stott, Vault Staff Writer

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