There is an excellent 'interactive' graph here that shows UK unemployment trends from the late 1980s to today.
What stands out is that the recession of the early 90s was a peaked mountain whereas the recession of today is more of a tabletop stretching over two years thus far.
What happened in the 1990s that isn't happening this time?
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Ask any number of the half million small business employers and (s)he'll likely tell you:
1. The work isn't there.. yet
2. He's surprised to find productivity hasn't declined even though he's dropped an employee or two
3. He's enjoying doing a bit more of the work himself.. especially now Mum is working part time on the books.
4. He's too old to be bothered chasing the work, so he's just sticking with his old clients and letting the business downsize incrementally.
5. Profits are being used to pay down debt.. particularly the house mortgage that was used as collateral for the business loan.
You need confidence before you start fresh employees.. confidence that the business can afford it, that your industry is picking up and that the Govt is doing the right things. Even then most employers will be waiting for the other shoe to drop.. otherwise known as the collapse in Europe and China slowing down.
JC
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