April 7, 2009
Recession: the penny finally drops...
David Wighton: Business Editor's commentary
One of the great mysteries of the recession has been why consumer confidence has held up so well. To judge from the Asda survey we report today, the grim reality finally appears to have dawned. Half of those polled fear losing their jobs in the next six months while two thirds would take a pay cut or a reduction in the working week to protect theirs.
That represents a big shift from December, when only one third of those questioned said they expected their job security to get worse in the next three months.
One surprising result of the survey is that 21 per cent of those questioned said that they expected to receive a pay rise at least as good as last year's. Then again, maybe not so odd. This happens to be almost precisely the proportion of the workforce employed in the public sector.
http://business.timesonline.co.uk/tol/business/columnists/article6047897.ece
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