The falls in nominal wages that workers have experienced during this recession are unprecedented, and seem to provide at least a partial explanation for why unemployment has risen less, and productivity has fallen more, than might otherwise have been expected.
To the extent that it is better for individuals to stay in work, albeit with lower wages, than to become unemployed, the long-term consequences of this recession in terms of labour market performance may be less severe than following the high unemployment recessions of the 1980s and 1990s.
More top news
Hefty showers and longer, slow moving downpours into this evening and again on Saturday - some lively with thunder.
We are entering - and we have voted to enter - a period of intense political and economic uncertainty.
David Cameron has announced he is to resign as prime minister by October. We look at who could replace him.