Thinking back, this time last year, the global economy and financial markets were in the midst of a rapid and large decline, and I think many business managers were seized by the fear that no bottom was in sight.
Graph 2  Labour Market Underutilisation* Monthly change since the beginning of labour market downturn ppt ppt Previous downturns 6  6  3  3  0  0 COVID-19 pandemic  -3  -6  -3  0 *  6  12  18  24 Months  30  36  42  -6 48  The underutilisation rate is the sum of the unemployment and underemployment rates; labour market downturn is defined as the trough in the underutilisation rate.