Rolling coverage of the latest economic and financial news
- Breaking: UK redundancies jumped 48,000 in last quarter
- Jobless rate rises to 4.1%
- Nearly 700,000 people off payrolls since March
- More than five million people still furloughed
Today’s jobs report shows clearly that the UK labour market deteriorated sharply in July.
With some firms struggling badly, the total jobs lost since March has now risen to almost 700,000 (measured by the number of people on company payrolls).
Britain’s labor market took a turn for the worse in July even as the economy gradually reopened, taking total job losses under the pandemic to almost 700,000 and raising pressure on the government to extend support programs.
Economists are deeply concerned that UK redundancies are going to keep rising sharply.
Her’es Sam Tombs of Pantheon Economics:
We’re still just at the start of what looks set to be a brutal period of redundancies: pic.twitter.com/Q1IsIFQFJK
A harbinger of what lies ahead, 156,000 redundancies in the UK in the three months to the end of July – the largest annual and quarterly increases seen since 2009. But, as always, remember how many jobs were still furloughed at the time of these statistics… pic.twitter.com/Ym3Ca6qPTy