UK unemployment increases by 50,000

Business news

by Front Future 522 Views 0

  • 19 Might 2020
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UK unemployment rose by 50,000 to 1.35 million in the three months to March, as the consequences of the coronavirus lockdown began to hit the financial system.

The unemployment fee was estimated at three.9%, slightly up on the previous quarter, the Office for National Statistics said.

Before the lockdown started, employment had hit a document excessive.

The figures only cowl the first week of the lockdown and the full is more likely to worsen sharply within the coming months.

Jagjit Chadha, director of the National Institute of Financial and Social Analysis, informed the BBC: "We will fairly anticipate unemployment to rise very quickly to something over 10% - something we've not seen because the early 1990s."

People who are at residence on furlough usually are not counted within the jobless complete.

Nevertheless, the entire number of weekly hours worked confirmed its largest annual decrease in 10 years.

Estimates based mostly on returns for particular person weeks recommend that this fall was principally brought on by the lower in hours within the last week of March, with a a lot smaller decrease within the previous week, the ONS stated.

In the remaining week of March, the entire variety of hours labored was abut 25% fewer than in other weeks inside the quarter.