Had these core markets continued functioning, we would likely be experiencing a credit crunch – where the cost of credit would have been sharply higher – instead of a full-blown credit crisis – where credit is unavailable at any price across a range of core markets.
This positive growth performance had a positive effect on employment. According to the Quarterly Employment Statistics survey, formal non-agricultural employment increased at an annualised quarteron-quarter rate of 7,6 per cent in the second quarter of this year. Over the past year this reflects an increase of 84,000 employees.