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Forecasting Techniques

Volume 979: debated on Tuesday 19 February 1980

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asked the Chancellor of the Exchequer if he is satisfied with the techniques at his disposal for forecasting unemployment and providing a basis for the necessary action to be taken to respond to changes in employment levels.

In recent years it has become increasingly difficut to forecast unemployment, as the relationship between employment and output that existed through the 1960s and early 1970s has become extremely uncertain. The most effective way to reduce unemployment is to reduce inflation.