Ministers have argued that as healthcare support workers do their jobs under supervision and as they are subject to normal employment and criminal records checks there is no need for a mandatory system.

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The new normal for employment is just under five years.

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It is still about 3 percentage points above what would reasonably be considered normal or full employment.

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Under normal circumstances (meaning reasonably flexible markets and reasonably high employment), employers gauge how much they are willing to pay someone to do a particular job.

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Because I see low costs of capital for corporations persisting along with a low tax rate and below average ratio of employment costs, earnings seem secure even in a below normal GDP setting of 2 percent.

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Therefore, the decline in vacancies is highest in markets with strong employment growth, like San Jose, Denver and Seattle, and markets where construction remains well below normal levels, like Las Vegas, Bakersfield and Phoenix.

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