G7 have created 4.5 million jobs since before the crisis
But productivity remains key to escaping the clutches of the financial crisis, says PwC report. Almost seven years on from the global financial crisis and a broad based global rebound remains elusive. But one of the most damning and tangible metrics of the crisis – the huge upturn in unemployment in the G7 – is moving decisively in the right direction in most economies. In simple terms, and at an aggregate level, there are more jobs in the G7 and E7 now than there were before the crisis. There are now around 4.5 million more jobs, in net terms, across the G7 than there were at the end of 2007. This figure takes into account the overall number of jobs created and lost during the period. Canada has led the way with the biggest percentage increase in employment, as its economy was the first of the G7 to regain its pre-crisis GDP level. And in absolute terms, Germany and the US have created over 4 million jobs between them. The financial crisis didn’t have the same impact on the labour market in the E7, as around 90 million jobs have been created over the same period. But in the last year the pace of job creation has decelerated in some of these economies. For example, in the past year the economies of Mexico, Turkey and Brazil combined created around 300,000 jobs, compared to around 2.7 million a year on average between 2007 Q4 and 2013 Q4. And when it comes to job creation, a key factor is the type of jobs created. In the US and across Europe the trend has been rising part-time employment, with part-time job creation outperforming full-time employment gains in most of the economies in the sample. Only the UK and Germany have posted growth in […]