Table 5 Decomposition of the cyclical responses to the cyclical GDP shock (2009)
Growth rates | Labor force equivalence (in 1,000 persons) | |||||
|---|---|---|---|---|---|---|
Actual | Trend | Cycle | Actual | Trend | Cycle | |
(1) Real GDP | −5.00 | 1.69 | −6.69 | 2,014 | 680 | 2,693 |
(2) Expected employment response | – | – | −4.19 | – | – | −1,689 |
(3) Expected buffering (2)–(1) | – | – | 2.49 | – | – | 1,004 |
(4) Employment | −0.28 | 0.32 | −0.59 | −112 | 128 | −240 |
(5) Actual buffering (4)–(1) | – | – | 6.09 | – | – | 2,454 |
(6) Unexpected buffering (5)–(3) | – | – | 3.60 | – | – | 1,450 |
(7) Working time | −3.79 | −0.33 | −3.45 | 1,525 | 134 | 1,391 |
(8) Thereof … | ||||||
(8) … short-time work schemes | – | – | −0.89 | – | – | 360 |
(10) … overtime | – | – | −0.71 | – | – | 285 |
(11) … working time account balances | – | – | −0.61 | – | – | 244 |
(12) Productivity per hour | −0.94 | 1.70 | −2.64 | 377 | −685 | 1,063 |