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Record Rise in Jobless Claims
The latest data released from the Office of National Statistics this week showed that the number of people claiming unemployment benefits in the UK rose by its highest level on record from March to April. 2.1 million people claimed unemployment over the period. This marked a jump of 69% on the prior month. It is the biggest monthly increase since the ONS began collecting data in 1971.
Joblessness on the Rise
The jobless figure, which rose by 856,500 over the month provides a clear picture of how the economy is suffering as a result of the ongoing COVID-19 lockdown.
The UK officially went into lockdown on March 23rd. As of May 7th, this was extended through to the next review on June 1st.
Some parts of the economy have been re-opening on a small scale. However, the vast majority of hospitality, retail, and leisure businesses remain closed. This means that the labor market data is unlikely to improve in the near term. May’s data should confirm an exte...
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