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8/11/2020, 9:22 AM (Source: TeleTrader)
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UK loses 730,000 jobs since start of lockdown

A total of 730,000 jobs were lost in the United Kingdom since the beginning of the coronavirus pandemic, Office for National Statistics (ONS) data released on Tuesday showed. The figure amounts to a 2.5% decline in employment. The employment figures mark the sharpest fall in a quarter since the May-July period in 2009. Employment was at 76.4% in the 16 to 64 age group on a seasonally adjusted basis, but the unemployment rate stay at 3.9% as the ONS stressed many were not seeking a job now.

Additionally, around 3 million workers remained out of work in June for three months or more as a result of the pandemic. The Claimant Count surged 116.8% in July compared to March and was at 2.7 million. However, vacancies stood at 370,000 in the May to July quarter, jumping 10% compared to the April to June three-month period. ONS added that nominal pay in the UK declined by 1.2% year on year.

"Vacancies numbers began to recover in July, especially in small businesses and sectors such as hospitality, but demand for workers remains depressed," ONS deputy national statistician for economic statistics Jonathan Athow said.

Breaking the News / VP