World News – CA – Unemployment rate hits highest in three years


css-14iz86j-BoldText {font-weight: bold;} Unemployment in the UK has hit its highest level in more than three years as the pandemic continues to hit jobs

The unemployment rate rose to 45% in the three months to August, from 41% in the previous quarter

Meanwhile, layoffs reached their highest level since 2009, css-yidnqd-InlineLink: link {color: # 3F3F42;} css-yidnqd-InlineLink: visited {color: # 696969;} css-yidnqd- InlineLink: link, css-yidnqd-InlineLink: visited {font-weight: bolder; border-bottom: 1px solid #BABABA; -webkit-text-decoration: none; text-decoration: none;} css-yidnqd-InlineLink: link: hover, css-yidnqd-InlineLink: visited: hover, css-yidnqd-InlineLink: link: focus, css-yidnqd-InlineLink: visited: focus {border-bottom -color: currentcolor; border-bottom-width: 2px; color: # B80000;} @ support (text-underline-offset: 025em) {css-yidnqd-InlineLink: link, css-yidnqd-InlineLink: visited {border-bottom: none; -webkit-text-decoration: underline #BABABA; text-decoration: underline #BABABA; -webkit-text-decoration-thick: 1px; text-decoration-thick: 1px; -webkit-text-decoration-skip-ink: none; text-decoration-skip-ink: none; text-underline-offset: 025em;} css-yidnqd-InlineLink: link: hover, css-yidnqd-InlineLink: visited: hover, css-yidnqd-InlineLink: link: focus, css-yidnqd-InlineLink: visited: focus {- webkit-text-decoration-color: currentcolor; text-decoration-color: currentcolor; -webkit-text-decoration-thick: 2px; text-decoration-thick: 2px; color: # B80000;}} the Office for National Statistics (ONS) said

This comes as the government prepares to impose tough local lockdown rules that will force some businesses to close, potentially leading to more job losses

Jonathan Athow, ONS deputy national statistician for economic statistics, said there had been a « sharp increase » in the number of unemployed and job seekers since March

« Global employment has fallen by about half a million since the start of the pandemic and some groups seem to be the most affected, young people in particular, » he told the Today program of the BBC

« [Among the unemployed] about 300,000 are aged 16-24, or about 60% of the decline in employment is really disproportionate »

M Athow said the large number of layoffs were in industries such as hospitality, travel and recruiting

According to the ONS, around 15 million people were unemployed between June and August, while layoffs amounted to 227,000

The number of claiming work-related benefits, meanwhile, reached 27 million in September – an increase of 15 million since the crisis began in March

Most expect unemployment to rise further after the government’s leave program was replaced with a less generous wage support program in November

Citibank analysis suggests that the unemployment rate could reach 85% in the first half of 2021 – a level not seen since the early 1990s

Commenting on the latest unemployment figures, Chancellor Rishi Sunak said: « I have been honest with people from the start that we unfortunately would not be able to save all the jobs But these are not just statistics are people’s lives

« That’s why trying to protect as many jobs as possible and helping those who lose their jobs get back to work, is my top priority »

He said that for those who lose their jobs, there will be new opportunities through apprenticeships, internships and the £ 2bn Kickstart program, as well as additional help finding employment

Sophia Royle was a project manager working for an e-learning company She was put on leave in May, then fired at the end of August

« The labor market is now inundated with people made redundant and looking for work, » she says

The problem is that due to the changing nature of the market, it is no longer just competing with people who live locally

« A lot of these tasks are remote They are online » she said « It means you are competing with the whole UK »

Sophia and her partner bought a new home in Gloucestershire last November, so she’s worried about the mortgage

She is also six months pregnant, which she found out just after a leave She is only entitled to statutory maternity leave, which she will start to benefit from in December

« I’ve stopped looking for work because how can I approach someone with this news that I won’t be here in six weeks? » she says

From this week, tighter local restrictions will force pubs, bars and other hospitality and leisure businesses in England to close in the most infectious areas, as has already happened in parts of scotland

The government has offered to pay two-thirds of workers’ wages if their employer has to shut down, but the union body, the TUC, said that did not meet the needs

« Salary replacement should be 80% for companies that have to close, » TUC General Secretary Frances O’Grady said

« We need a more generous short-time working program for businesses that are not forced to close but will be hit by tighter local restrictions And self-employed workers in local containment areas also need to help « 

Paul Dales, UK chief economist at Capital Economics, said the new restrictions, combined with the end of the holiday in October, would increase unemployment

« The fallout from the Covid-19 recession is intensifying In addition, the prospect of the latest Covid-19 restrictions leading to the stalling of the economic recovery, if not vice versa, means the worst remains to be done »

Flagship jobs figures are starting to catch up with dismal jobs elsewhere Unemployment above 15 million and the 45% rate represent sizable increases in the third quarter and three-year highs, though still relatively low by compared to international and historical standards

Layoffs increased to a record high in the quarter ended August, in part reflecting the start of the phasing out of the leave program

There are signs that the government’s attempt to reopen and revive the economy has had some impact Payroll figures have stabilized, up slightly, but still down by 629,000 in March Vacancies have also increased during the month of « Eat out to help »

So these numbers reflect both headline numbers catching up with the grim reality of the job market since the shutdown – but also a bump in parts of the economy in August The numbers will continue to get harder to figure out. from here

TS Anil, the boss of Monzo Bank, advises anyone who is unemployed and looking for a job to thoroughly research the company they want to work for

« At Monzo we are focused on innovating and improving banking services for all We want to find people who have the same sense of purpose and the same motivation for what we do This is what can stand out « 

For those who are stuck on leave or in protection, he advocates staying busy « Keeping busy with a hobby or learning a new skill at this time can be good for your self-esteem and mental health »

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M Anil also suggests having your applications reviewed by someone for you: « Fresh eyes can really help you »

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Unemployment, UK unemployment, coronavirus

World news – CA – Unemployment rate hits highest in three years



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