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The UK’s unemployment rate has risen to its highest level in two years, according to official statistics.
The unemployment rate rose to 4.1% in the three months through July compared to the previous 3.9%.
In particular, young people have been hit hard by the age of 16 to 24, which has the highest employment rate compared to other age groups.
Businesses continue to fire employees from pay as they prepare to end the government’s dormancy system.
According to new data from the National Statistical Office, 156,000 fewer young people were employed in the three months until July compared to the previous quarter.
Since March, when the coronavirus containment began, approximately 695,000 British workers have been missing from salaries at British companies.
How does the dormancy system affect employment?
The unemployment rate has risen slightly, but experts are not fully explaining the impact of the economic crisis on jobs, and say it helps lower the unemployment rate.
The government’s job retention plans start to decline this month before it ends on October 31st.
Following a plan with 9.6 million people retreating, the government initially paid 80% of one person’s wages up to $2,500 per month.
From the beginning of September, state contributions fell to 70%, and before the end of the scheme on October 31, the employer expected to pay the remaining salaries.
What do the experts say?
British economist Paul Dales of the Capital Economics research group said he expected “as the employment system continues to loosen and ceases at the end of October, employment will decline more rapidly and unemployment will rise faster.”
Darren Morgan, director of economic statistics at ONS, said there were signs that the economy “resumed” in July as businesses including restaurants, pubs and hairdressers were able to trade again.
As people get paid and return to work, the rate of decline in employee salary growth has slowed.
Meanwhile, the number of jobs in the three months through August was 434,000, an increase of 30%.
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Media Caption Coronavirus: Unemployment Hits Family
However, the number of vacancies is still much lower than the pre-virus level.
Morgan said, “With the number of paid employees declining again in August, and with unemployment and layoffs rising sharply in July, it’s clear that the coronavirus is still having a huge impact on the world in which we work,” said Morgan.
Resolution Foundation think tank chief economist Nye Cominetti said: “Economic activity may have been fueled by the resumption of the economy this summer after lockdown, but a sharp rise in unemployment and layoffs in July will not spur the recovery of the job market. I didn’t.
How was the political reaction?
Prime Minister Rishi Sunak briefed the cabinet about the economic situation, saying that “helping people return or finding new jobs” is his “top priority”. BBC political editor Laura Kuensburg says.
He told his colleagues, “Preventing people from working is not the answer,” he added, but added that he was “creative” in finding ways to help people. Sources close to the prime minister said this would not mean expanding the halo plan.
Sunak also told his cabinet colleagues it was important to remember that the “significant aid” that had already been implemented was “costed” and the economy has not yet reached pre-Covid-19 levels.
Labor leader Keir Starmer is speaking about the TUC meeting with a video link. As he was isolated, he urged him to extend part-time work as a reward to employers who keep the people going. Of these rewards.
He also requested targeted assistance in vulnerable areas such as hospitality and aviation.
He urged ministers to “ban fire and re-employment tactics” of firing workers and then handling them in worse situations.
What happens next?
Unfortunately, this is just the beginning of the phased out of the official unemployment rate.
The headline unemployment rate has risen to 4.1%, but is still low by historical and international standards.
However, a little deeper digging reveals a significant increase from 0.5% to 4.4% in July alone. And in the last week of July, it increased to 4.8%.
This is the beginning where economists and scholars are expecting a steady rise. The good news is that by now it appears that most of the previously retired workers have returned to work.
Another notable feature is that while the overall three-month average unemployment rise is still small, it was the result of young people losing their jobs.
Redundancy has also risen to the highest level since the financial crisis. However, employment remained at record levels, and working hours and vacancies showed some recovery from massive declines during the blockade.
So the climb started slowly, but now the question is, where exactly is it going?
How do affected people feel?
Orrean Jacob recently lost a job he had been doing for nine years while working as an agency employee at a mini car factory in Oxford.
“They decided to let people go and I was one of them,” he says. Hundreds of workers in the factory were affected.
“It’s really sick. When you go to work, it’s not about money or salaries. It’s about making your own, making friends, and networking.”
He was in a similar position to many others during the pandemic, but phone calls with friends gave him a chance. They recommended contacting the HS2 railway project for a one-week training program.
By the end of next week, he was licensed to drive a forklift on site, and he had completed about 1,000 courses with one of HS2’s subcontractors.
“This is what I had to go in the right direction. The other is to find something new and find a new path to pursue because it certainly didn’t work.”
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