{"id":155493,"date":"2020-12-27T10:37:27","date_gmt":"2020-12-27T10:37:27","guid":{"rendered":"http:\/\/dominiclevent.com\/blog\/?p=155493"},"modified":"2021-02-21T21:02:13","modified_gmt":"2021-02-21T21:02:13","slug":"redundancies-hit-record-high-of-370000-between-august-and-october","status":"publish","type":"post","link":"https:\/\/dominiclevent.com\/blog\/redundancies-hit-record-high-of-370000-between-august-and-october\/","title":{"rendered":"Redundancies hit record high of 370,000 between August and October"},"content":{"rendered":"


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Redundancies surged to a record high of 370,000 in the third quarter of the year with young workers hit hardest, official figures show.<\/p>\n<\/div>\n

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The number of UK employees on payrolls dropped slightly last month and has fallen by 819,000 between February and November due to the impact of the coronavirus pandemic<\/a>, the Office for National Statistics (ONS) said.<\/p>\n<\/div>\n

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One-third of those jobs losses have been in the hospitality industry which yesterday renewed its calls<\/a> for more financial support as thousands more pubs, bars and restaurants were told they must close under tier 3 restrictions.\u00a0<\/p>\n<\/div>\n

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Some 1.7 million people are officially out of work, meaning they are out of work and actively seeking a job. The unemployment<\/a> rate rose to 4.9 per cent in October, up from 3.7 per cent before the pandemic. Those aged 16 to 24 were most likely to lose their jobs while 35 to 49-year-olds were safest from redundancy.<\/p>\n<\/div>\n

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Vacancies continue to increase, but remained 31.5 per cent below pre-pandemic levels meaning people out of work may continue to find it challenging to find new jobs.<\/p>\n<\/div>\n

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ONS director of economic statistics, Darren Morgan, said the figures showed there had been \u201ca further weakening in the labour market\u201d.<\/p>\n<\/div>\n

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\u201cIn the three months to October, employment was still falling sharply and unemployment was rising, but the number of people neither working nor looking for work was little changed.<\/p>\n<\/div>\n

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\u201cAverage hours per worker were continuing to recover, though this was before the second lockdown in England.<\/p>\n<\/div>\n

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\u201cWhile there was another record rise in redundancies in the latest three months as a whole, they began to ease during October.\u201d<\/p>\n<\/div>\n

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While the unemployment rate remains relatively low by historic standards, it does not capture how many people furloughed or only doing part-time hours. Total weekly hours worked \u2013 considered by some economists to be the best measure of the labour market during the pandemic \u00a0\u2013 remained down almost 10 per cent at 960 million.<\/p>\n<\/div>\n

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That was up by 104.9 million hours compared with the three months to July when many shops, pubs and restaurants were closed.<\/p>\n<\/div>\n