News – UK – The UK unemployment rate has been highest in almost five years

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Unemployment in the UK rose to 51% in the three months to December, an official five-year high

The Bureau of National Statistics said 1From October through December, 74 million people were unemployed, 454000 more than in the same quarter of the previous year

The figures show that there are currently 726000 people are less employed than before the pandemic

However, the ONS said there were some “preliminary early signs” of a stabilization in the labor market. In recent months, the number of employees being paid through payroll has increased slightly

In January 2021 there were 83 compared to the previous month000 more people in employment

“Our survey shows that the unemployment rate has seen its largest annual increase since the financial crisis,” said Jonathan Athow, ONS assistant national business statistician

“However, the proportion of people who are neither working nor looking for a job has stabilized after rising sharply at the beginning of the pandemic Many people who lost their jobs early on have now started looking for work””

Even so, Mr Athow told the BBC’s Today program that the true basic picture is not yet clear due to the large number of people who are still on vacation

He said numbers from early February suggest there are currently around six million people on leave, adding, “There is tremendous uncertainty about what will happen to them when this program ends,”

Today’s labor market figures show that wages have risen an average of 5% year-on-year – a much larger increase than has been common for most of the past decade

If you are an employee, you may not recognize this number as coming close to your own raise A big part of it is because it’s an average number

If you are almost 730Removing 000 workers from employers’ payrolls, many of them in low-paying occupations like room and board – where increases were modest or nonexistent – flatters the average

Even taking these “compositional” effects into account, the Office for National Statistics estimates that overall wage growth is still 3% – far more than inflation at 07%

And in some sectors it was better than that: according to the ONS, wages in health and social work rose an average of 62% – perhaps modest compensation for the risks these workers took

Chancellor Rishi Sunak is preparing for next week’s budget, which is expected to include further plans to support the labor market

“I know how incredibly tough the past year has been for everyone, and every job lost is a personal tragedy,” said Sunak

“In next week’s budget, I will outline the next phase of our employment plan and the support we will provide through the remainder of the pandemic and our recovery”

Anneliese Dodds, Labor shadow chancellor, claimed some companies had “thrown in the towel” because it took too long for the government to confirm what business support would be available to them over the next six months

Ms. Dodds criticized the government for announcing its roadmap to end the lockdown “without the clarity of business support” She told BBC ministers that “may enjoy the budget theater” but it is “wrong to postpone decisions until budget” as some companies have decided to “give up”

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News – UK – UK unemployment rate highest in almost five years
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Source: https://www.bbc.co.uk/news/business-56165929