UK unemployment rate jumps to 4.8% as redundancies hit record high – business live


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7.26am GMT

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A day after vaccine optimism sent global stock markets to record highs, the latest UK labour market report is showing the severe economic damage caused by the pandemic.

Mounting cost to livelihoods: Unemployment tops 1.6million in September, up by almost quarter of million over summer, as layoffs reach record as bosses brace for original furlough end, and those laid off earlier search for work again.

For July to September 2020, an estimated 1.62 million people were unemployed, up 318,000 on the year and up 243,000 on the quarter.

The annual increase was the largest since December 2009 to February 2010 and the quarterly increase was the largest since March to May 2009. The quarterly increase was mainly driven by men (up 178,000) and there were increases across all age groups.

Redundancies increased in July to September 2020 by 195,000 on the year, and a record 181,000 on the quarter, to a record high of 314,000.

The annual increase was the largest since February to April 2009.

The employment rate was down 0.6 percentage points on the previous three months, while unemployment was up 0.7 percentage points.

Economic inactivity (people not in work, looking for work, or starting work in the next month) was unchanged

Global stock rally peters out after vaccine euphoria. Shares pared gains in Japan, HK, & China stocks fell. US & European Futures decline on concerns about smaller US fiscal stimulus package & reality w/record corona cases. Bonds steady w/US 10y 0.91%. Gold $1883, Bitcoin $15.4k.

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