I'm just going to record a quick thought here because I have places to be and probably can't follow this article up right now which will take more than an hour to write (potentially).
UK jobs data. now I have au unskilled job so I know that it is possible for some people to get jobs in this economy, however, in the larger sense unemployment has been at fantastically low levels during this 'recession'. However:
There are so many companies that have been firing staff it is ridiculous. I have a book mark called e- crash articles that just goes on and on (I stopped looking at this angle it just got boring.). Most of these are in America but these American companies quite often have stores in England as well.
Many of the new jobs are zero hour contracts and the people who have them need more hours. What new industry is being created with the Baltic Dry index so low. How many people are not on the unemployed statistics because they are on workfare?
Is Labour force participation rate backing up the story? There are many who have not been recorded as searching for a job in the last month but who would take one if they got one!