uk unemployment rate april 2020

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The UK unemployment rate unexpectedly remained unchanged in the three months to April, but workers on company payrolls fell 612,000 between March and May while job vacancies plunged to a record low.The unemployment rate remained unchanged at 3.9 per cent between February and April, new data from the Office for National Statistics (ONS) showed. But between March and May, the UK recorded the largest quarterly decrease in job vacancies since records began in 2001.During the period there were an estimated 476,000 vacancies in the UK – 342,000 fewer than in the previous quarter.The number of people on company payrolls fell by 612,000 or 2.1 per cent between March and May as lockdown continued to hurt the labour market.

“Some furloughed workers may not have jobs to return to when this is over, which could put a dampener on the recovery.”And Howard Archer, chief economic adviser to the EY Item Club, said: “The labour market weakened further in May – although it is clear that the impact of the lockdown on jobs has been limited by companies’ ability to furlough workers under the government’s Coronavirus Job Retention Scheme.”He also warned the sheer number of furloughed workers, being paid 80 per cent of their salaries, has dragged down average wages. Average earnings growth had peaked at four per cent in May 2019, but by March it had sunk to 1.2 per cent, then just one per cent in April. Out of this estimate, 44,000 alone were men.To be precise on the specifics of the data, ONS said in a "After ducking the expected ballooning of unemployment claims in March, April reflected the fact that the pain was merely delayed by a month," Connor Campbell, a financial analyst at SpreadEx, said in a note. The UK unemployment rate was at 3.9 percent in the three months to April 2020, the same as in the previous period and below market expectations of 4.7 percent, as the government Coronavirus Job Retention Scheme helped funding employees wages during lockdown. ... representing 36% of all jobs in the UK, which could see unemployment rising to just under 9% during the lockdown period. The largest decrease in work hours was found to be in the accommodation and food services industry.The UK's FTSE-100 slid into the red on Tuesday falling 0.6% during intraday trading.

“Despite these efforts, activity will inevitably be below normal for some time as social distancing continues, and employment looks set to take a hefty hit. UK's unemployment rate was held at 3.9%, slightly higher than the previous quarter. Currently, it includes a combination of jobseeker's allowance and universal credit.UK's unemployment rate was held at 3.9%, slightly higher than the previous quarter.Total number of weekly hours worked was 1,040.6 million, a drop of 12.4 million from the previous year. ... 17 April 2020. Year-on-year, the unemployment rate rose 0.1 percentage points.The ONS estimated that the UK employment rate was 76.4 per cent, 0.3 percentage points higher than a year earlier but down slightly from the previous quarter’s record high of 76.6 per cent.“The furlough scheme continues to hold off the bulk of job losses, but unemployment is likely to surge in the months ahead,” said Tej Parikh, chief economist at the Institute of Directors.“Wage support has given firms some much-needed time to regroup,” he continued. UK employment rate at record high before lockdown. More bad news could be just round the corner, as redundancy consultation periods kick in,” Parikh added.“The sharp fall in weekly hours worked, close to nine per cent compared to last year, offers a truer picture of the impact of rising unemployment and furloughing,” PwC’s Teow added.Real pay fell 0.4 per cent between February and April – its first drop since January 2018 – while vacancies collapsed by a record 60 per cent between March and May. Since March 2020, when lockdown began, UK jobless claims have increased 125.9 per cent or 1.6m.Minister for employment Mims Davies said today’s UK unemployment data shows how badly coronavirus has hit the economy.“But our furlough scheme, grants, loans and tax cuts have protected thousands of businesses and millions of jobs, setting us up for recovery,” she added.But economists questioned how quickly the UK economy can recover, saying the little-changed unemployment rate fails to show the huge extent of furloughing.PwC senior economist Jing Teow pointed out the lack of movement in the UK unemployment rate fails to account for the 8.9m workers on the government’s furlough scheme in May.That number surpassed 9m in June, separate data out today revealed.“Today’s data shows just how hard the coronavirus has hit workers across the country,” Teow said. Total number of weekly hours worked was 1,040.6 million, a drop of 12.4 million from the previous year. This field is for validation purposes and should be left unchanged. That represents an increase of 50,000 compared to a year earlier. Jobless claimants rocketed to 2.8m.Teow said the UK economy’s prospects depend on how many businesses emerge from furlough and lockdown intact.“The tapering of the furlough scheme from August, with a portion of the wage bill needing to be picked up by the private sector, could hit many businesses hard,” he added. Economists fear a spike in the UK unemployment rate when furloughing ends in October.The three months to April also saw a record quarterly fall in the number of self-employed people in the UK, which decreased 131,000.The number of hours worked between February and April crashed 8.9 per cent or 94.2m – a record annual decrease, despite only half the period covered being affected by coronavirus lockdown measures.Pantheon Macroeconomics’ Samuel Tombs said data showed he government’s coronavirus job retention scheme “has succeeded in preventing massive job losses so far”. Unemployment in the euro zone rose to 7.3% in April, according to the latest data from Eurostat, reflecting job losses as coronavirus lockdowns were in … That surprised economists, who had predicted the figure to increase as coronavirus lockdown measures hammered the economy.

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