Of the jobs created since 2012, over 2.7 million or around 80% have been full-time. Around half (over 1.7 million) have been taken by women. Employment rates among the youngest (aged 16-24) and oldest (aged 55+) have both risen strongly, by around four to five percentage points, respectively. The jobs bonanza has been fairly broadly-based across the occupational spectrum too (Chart 4). Unusually, all of the main categories of occupation have seen a rise in employment rates since 2012. As elsewhere, this boost has been largest at the higher-skill (such as managers and directors) and lower-skill (such as elementary occupations) ends of the occupational spectrum, with the mid-skilled benefitting least.2  2  For example, Haldane (2018), Autor (2014) and Autor (2017). 4  All speeches are available online at www.bankofengland.co.uk/speeches  4  Chart 4: Change in UK employment by profession Percentage change in employment between 2011 and 2018 25  20  15  10  5  0 Managers, Professional Associate Administrative Skilled Trades Caring, Sales and Directors and Occupations Prof. & Tech and Occupations Leisure and Customer Senior Occupations Secretarial Other Service Service Officials Occupations Occupations  Process, Plant and Machine Operatives  Elementary Occupations  Sources: ONS and Bank of England calculations. Notes: Ordering defined by ONS 1-digit SOC 2012 classification. Despite a slowing economy, this large and evenly-distributed jobs bonanza has continued apace. The stock of available job vacancies – a measure of aggregate demand for workers – currently stands at around 830,000, close to its all-time high.

A decade ago, central banks were the only game in town and monetary medicine was the right prescription. A decade on, the game has changed and so too might the policy prescription needed in dealing with any downturn. When the challenges, as well as the huge opportunities, lie on the supply-side of the economy, the right medical prescription is fiscal and structural policies. Super-charging the supply-side of the economy is what is now needed. That is every bit as true here in Scunthorpe as it is elsewhere across the UK. 32 33  See https://decisionmakerpanel.co.uk/ and Bloom et al (2017) for information about the DMP dataset. Economically active individuals aged 16-30 as a share of economically active population. 33  All speeches are available online at www.bankofengland.co.uk/speeches  33  References Abel, W, Tenreyro, S and Thwaites, G (2018), ‘Monopsony in the UK’, 10 October 2018, available online. Allen, F and Gale, D (2000), “Financial Contagion”, Journal of Political Economy, Vol. 108, No. 1, pp. 1- 33. Autor, D (2014), ‘Education, and the Rise of Earnings Inequality Among the “Other 99 Percent”, Science, 23 May 2014, pp. 843-851. Autor, D (2017), ‘Economic and political consequences of China’s rise for the United States: lessons from the China shock’, IFS Annual Lecture 2017, 22 June 2017. Baldwin, R (2016), The Great Convergence: Information Technology and the New Globalization, Harvard University Press. Bernard, A, Van Beveren, I and Vandenbussche, H (2014), ‘Multi-product exporters and the margins of trade’, The Japanese Economic Review, Vol. 65, No. 2, pp. 142-157.