Latest economic numbers from @ONS
-726,000 fewer people in employment compared to a year ago.
-Employment rate down 1.5% on a year ago and 0.3% on the quarter.
-Unemployment up 1.5% a year ago and up a sharp 0.4% on the quarter.
-18-24s seeing sharpest decreases in employment.
-726,000 fewer people in employment compared to a year ago.
-Employment rate down 1.5% on a year ago and 0.3% on the quarter.
-Unemployment up 1.5% a year ago and up a sharp 0.4% on the quarter.
-18-24s seeing sharpest decreases in employment.
Unemployment rate of 5.1% is still historically lowish, remarkable given events (and lower than most other European economies).
That said, huge numbers of people are still on furlough. We can’t know what the true state of the economy/labour market is until that fully unwinds.
That said, huge numbers of people are still on furlough. We can’t know what the true state of the economy/labour market is until that fully unwinds.
And look at this chart. Shows the pain in employment losses being felt overwhelmingly by the 18-24s. No plan for the resumption of their university/education and in the world of work they’re suffering too.
Question that chart poses is whether 18-24s are the first- ie when and if furlough fully unwinds do similar (though prob not as severe) employment losses cascade through older age groups? Or is hospitality/retail so uniquely badly affected that the chart stays roughly like this?
NB fairer to say “resumption of in person teaching at university/education” for tweet above. Of course HE institutions teaching online.
Overall no doubt that our youngest citizens’ lives being severely and disproportionately affected by the measures.
Overall no doubt that our youngest citizens’ lives being severely and disproportionately affected by the measures.
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