The number of insolvencies and related job losses has also been much smaller than in previous recessions. Real wages refers to compensation of employees divided by hours worked, and deflated by consumer prices. While the number of full time jobs is well below pre-crisis levels and has been broadly flat over the past two years, in line with GDP, the number of temporary and part-time jobs has increased (Figure 1.4, Panel A). Involuntary part-time work has risen sharply to 1.4 million in mid-2012 and, as a share of total employment, was close to the EU15 average in 2011 (Figure 1.4, Panel B).