Workers under the age of 25 account for 63.1% of jobs lost since February 2020
The UK’s unemployment rate was 5% for the three months from February to February, 0.1% higher than the previous quarter, with economists’ forecasts lower than 5.2%.
UK employment began to stabilize early in 2021 as Furlough measures remained and vaccine rollout gained even more momentum.
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Payroll employees across the UK also increased in February, but for the third consecutive month, remained below 700,000 from the previous year’s figures.
Workers under the age of 25 accounted for 63.1% of jobs lost since February 2020, but more than half of the decline came from hospitality in London.
However, the number of youth with full-time education reached a record high of around 46%. AJ Bell.
Khalaf provided further historical context for the UK unemployment rate announced today.
“As a result of government support that has been thrown in the labor market, overall unemployment has been relatively benign so far. In fact, 19% of the business workforce is now furlough, according to ONS. Masu.”
“It’s a small comfort for those who have lost their jobs as a result of the pandemic, but today’s unemployment rate is no worse than in 2015, despite the majority of the economy being shut down for much of last year.”
The OBR believes that unemployment rates will rise to a peak of 6.5% towards the end of 2021, which is compared to the 8% or more percentage of the financial crisis.
“It’s still hundreds of thousands of jobs that we’re expected to lose,” Karaff said.
“However, economists’ predictions are usually confused with reality, and it is best to record predictions with a light pencil rather than a marker pen, taking into account the unique and dynamic nature of the current economic crisis.”
