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The UK labor market lost 695,000 jobs between March and August.



The UK labor market has laid off nearly 700,000 jobs since the coronavirus blockade, and more than 5 million workers temporarily left their jobs after the hospitality sector resumed in July, according to official data on Tuesday.

The National Statistical Office reported that in August compared to March 2020, the number of employees working on the company’s salaries decreased by about 695,000 people, and 36,000 from July. This suggests that as the lockdown eased, employment was not sufficient to recover the damage. .

Due to increasing redundancy, the unemployment rate rose to 4.1% in the three months through July, ONS said. This is in line with analyst expectations. Even in July, more than 5 million people, including workers who left the office, were still temporarily leaving, half of which are estimated to have been absent for more than three months.

There was little change in the employment rate, which is 76.5%, up 0.1 percentage points from the previous quarter, and 0.4 percentage points higher than the previous year.

The only decline in the unemployment rate was youth, a record drop to 146,000 for those aged 18 to 24, ONS said.

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However, the figures through July will not reflect job losses incurred because employers started contributing to workers’ costs released in early August. Most economists believe that things will get worse after that.

As Paul Dales of consulting firm Capital Economics said: “It’s encouraging that the first step in solving the breakdown plan did not lead to a surge in unemployment, but we think it’s a matter of time until it happens.”

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