Output-especially in manufacturing industry-has been falling sharply in recent months as companies have sought to adjust their expenditure in the face of severe financial pressure. As expected, much of the adjustment has taken the form of a reduction in stocks. Employment, too, has been substantially reduced, perhaps by more than is usual at this stage of a recession, and unemployment has risen steeply to a level unknown since the war.
Published on
01 June 1980
Economic commentary