April 16 - The UK economy is flirting with triple-dip recession and experiencing its worst recovery in 100 years. But employment is at an all-time high. We explain.
An economy -- with triple dip recession yet boasting record employment. Or does not what. It's a puzzle vexing UK economy watchers why is employment so high and unemployment no higher. That is no obvious and so instead we only have some PCs projects so. First let's look at earnings growth are rather lack of earnings growth. British workers on accepting smaller and smaller pay increases in the sun for keeping their jobs. -- its annual earnings including and excluding bonuses not stand at a paltry one point 2%. In real terms I -- taking into account inflation. He can see just how much -- bunkers are prepared to take in order to avoid the even deeper pain of not having a job since the recession hit five years ago. Real innings touched on every single month off to. People are also more willing than ever to proceed job security for the job itself. You are up contracts are all the rage this has been a person is not contracted to a set number of others. And is only paid for the number of hours to actually work. The number of Zito contract jobs jumped to a record high of 200000 at the end of last year that's a tiny part of the year fifty million Britons and what. But it's quadrupled since 2005. And that counts for a fifth of the 400000 new jobs created since the country entered recession in 2008. Along the same lines the number of part time jobs is on the rise to. But and I more than eight million of them. There's been on multiple jump in the number of self employed people working part -- up 6% from a year -- People are also taking on second jobs to make ends meet. More than one point one million people I'm not holding down two jobs. That's up two and a half percent from a you know goal a -- rise in the broader level of employment. All this has kept the British unemployment rate done at seven point 8% it's higher than the US Germany and Japan. But much lord confronts between Spain. And with the economy struggling through its most anemic recovery from recession in over 100 years -- may be lucky it's not even higher. Jamie -- vote for Reuters.