Wednesday, July 28, 2021
Home U.S.A UK redundancies hit document excessive as Covid-19 pushes unemployment up – enterprise...

UK redundancies hit document excessive as Covid-19 pushes unemployment up – enterprise dwell

Good morning, and welcome to our rolling protection of the world financial system, the monetary markets, the eurozone and enterprise.

Britain’s jobs disaster has worsened, as firms proceed to put folks off because the Covid-19 pandemic hits the financial system.

Figures simply launched by the Workplace for Nationwide Statistics present that the UK unemployment price rose to 4.9% within the three months to October, up from 4.8% a month earlier.

Though that’s a smaller rise than economists anticipated, it’s nonetheless 1.2 proportion factors larger than a 12 months earlier and 0.7 proportion factors larger than the earlier quarter.

The ONS says:

August to October 2020 estimates present a big enhance within the unemployment price and a document variety of redundancies, whereas the employment price continues to fall.

The ONS studies that round 1.69 million folks had been unemployed within the August-October interval, a rise of 241,000 on the earlier quarter — and 411,000 greater than a 12 months in the past.

At this time’s labour market report additionally reveals that there have been 32.52 million folks aged 16 years and over in employment through the quarter — 280,000 fewer than a 12 months earlier.

This was the most important annual lower since January to March 2010.

Employment decreased by 144,000 on the quarter, the ONS says, including:

This quarterly lower was primarily pushed by males in employment, the self-employed and part-time employees, however was partly offset by a rise in full-time workers.

{Photograph}: ONS

The variety of folks being made redundant has additionally hit a brand new document excessive, reaching 370,000 within the August-October quarter.

That’s a document enhance in comparison with the earlier three months, though the tempo of layoffs did gradual in October:

UK redundancies to October 2020

UK redundancies to October 2020 {Photograph}: ONS

In one other signal of the impression of the pandemic, the ONS studies that the variety of folks on firm payrolls has fallen by 819,000 since February.

The figures come a day after the Home of Lords financial affairs committee warned that the UK “sleepwalking into an unemployment disaster”, and that pressing motion was wanted to restore the welfare system, create new jobs and assist prepare folks study new abilities.

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