Productivity changes in response to a change in demand can be a residual, to the extent firms cannot or choose not to adjust total hours commensurate with changes in demand--perhaps reflecting labour hoarding
At least UK unemployment - officially at least - hasn't gone as high as had been feared by some, owing to labour hoarding
by firms, falling real wages and part-time working.
This is often described in terms of labour hoarding
, which implies an irrational response by employers.
The particular labour market stance of the exporting manufacturers can explain why firms absorbed the shock more intensely by labour hoarding
than could be predicted considering the experience from past recessions (M611er, 2010).
Employment in both rural and urban areas grew despite the contraction of output in 2009, reflecting large scale labour hoarding
facilitated by nominal wage cuts.
6% in August and is projected to rise until early 2011 as labour demand remains weak and labour hoarding
is scaled back.
This labour hoarding
means companies will be able to respond to increases in demand without hiring new employees.
On Bangor Street, one Labour hoarding
and one Lib Dem hoarding hinted at an election battle but they were obscured by a host of For Sale signs.
5 per cent today because of high underemployment in the agricultural sector and an end to the practice of keeping redundant workers in the public sector, known as labour hoarding
The second variation incorporates the simple labour hoarding
model by Burnside et al.
It seems reasonable to assume that extra output is generated through more intensive use of existing inputs and thus to interpret this category as indicating adjustments in labour hoarding
, whereby firms alter output simply by deploying workers who were previously inactive, or engaged in non-productive activities (Fay and Medoff, 1985).
, facilitated by intensive use of reduced working hour schemes, and targeted measures have supported employment.