813,000 jobs have been lost since the start of the pandemic
The UK’s unemployment rate fell to 4.9% from December to February for the second consecutive month.
This is according to figures revealed by the ONS on Tuesday.
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An economist poll by Reuters estimated that the unemployment rate would be 5.1% from 5% in the three months leading up to January.
The ONS linked falls to a large number of men and left the job market for good. The so-called inactivity rate rose 0.2 percentage points over the three months from February to February, rising during the first lockdown last year.
The company’s payroll number of employees fell 56,000 over the same period, the first decline in four months, further reminding us of the precarious state of the UK labour market.
The total number of jobs lost since the start of the pandemic is now 813,000, with more than half of which being held by people under the age of 25.
Danni Hewson of AJ Bell Financial Analyst commented on the number of jobs on ONS.
“It may seem strange that there has been a lot of focus in the future over the past few weeks, but it’s important to understand the scale of the economic impulses the country has had,” Hughson said.
“Most of the data published by ONS today is not surprising, but it strengthens the major challenges ahead. The unemployment rate fell to slivers for three months until the end of February, but the initial indicators were: It suggests that the number of salary employees has dropped further in the month, dropping 56,000 from the previous month.”
“Again, the data confirms that people are under 25, who are bear the brunt of lockdown restrictions. More than half of those who have lost their salary in the past year are in this age group. But the arenas is levelled. Vacancy in sectors like hospitality rose in March as businesses prepare for a lockdown release.”
