Biggest Employment Fall in 10 years
Published / Last Updated on 11/08/2020
The Office for National Statistics (ONS) has released figures showing that UK employment decreased by 220,000 between April and June. This is the largest drop in more than a decade.
With the Furlough Scheme ending in October, this clearly raises fears that employment numbers may fall again for the quarter we are currently in and teh rest of tyear.
ONS data also revealed 7.5 million people where away from work in June 2020, over 3 million where away 3 months or more.
Comment
The overall unemployment rate in the UK is still low within peer group countries at 3.9%. The government will start to get 'twitchy' at over 4% and that is the time the economic stimulus may start. This is perhaps why stock markets are starting to 'kick' back up as stimulus seems ever more likely'.
Putting al of this in perspective: We were having record numbers of employment in the UK before coronavirus but this is perhaps back to where it should be.