The Olympic Job Wave

Due to the preparation and events linked to the Summer Olympic Games, London, England's unemployment rates have been in decline four straight months. That’s great news, not just for London but for the ailing Euro zone, as well. The events surrounding the Summer Olympic Games have, at least temporarily, served to offset the lifeless economy that has prevailed in London for the last several years. The Office of National Statistics in England report a decline in the unemployment rate for the fourth month in a row. Down from 8.3%, the current rate is 8.1% which is the lowest it has been since last summer. Because of the Olympic Games being held in London, a reported 61,000 more people are now employed predominantly in customer service and hospitality positions. The question is: Will the positive impact of the Olympics last past the summer? The “Halo Effect” In addition to the direct impact of added jobs and increased sales brought in by the Olympics, London officials are counting on what is known as the “halo effect” – the continued economic activity that persists after the event – and they are worried that .....read more