U.K. economy has shed 700,000 jobs since March. And it’s about to get worse

The U.K. economy has shed nearly 700,000 jobs since March because of the lockdown forced on it, with five million people still temporarily kept away from work, the U.K.’s statistics office said on Tuesday.



a man standing in a room: Chancellor of the Exchequer Rishi Sunak (r) is phasing out the job-support programs designed to fight the coronavirus impact.


© Getty Images
Chancellor of the Exchequer Rishi Sunak (r) is phasing out the job-support programs designed to fight the coronavirus impact.

– The U.K. unemployment rate rose to 4.1% in the three months to July, mostly due to the increase in the number of unemployed young people. This remains one of the lowest in Europe, where it stood at 7.2% in the European Union in July.

Loading...

Load Error

– The job situation deteriorated despite the generous furlough programs and other job-supporting measures decided by the government in the significant stimulus plan it unveiled early in the crisis to counter the effects of the coronavirus pandemic.

– Despite the sharpest fall of gross domestic product in

Read More

Unemployment rate hits 4.1% as 700,000 workers lose their jobs since coronavirus struck in March



a man wearing a suit and tie


© Provided by Evening Standard


Stats show 700,000 UK workers have been removed from the payrolls of British companies since March when the country went into lockdown as unemployment hit 4.1% today.

“Around 695,000 jobs lost since March as unemployment rises”

UP NEXT

UP NEXT

The figures are for the three months from May to July and are worse than the quarter to June when the rate stood at 3.9%.

There are growing fears that unemployment could worsen over the coming months as the Government’s furlough scheme comes to an end.

The stats post a grim picture as the thousands of layoffs since lockdown lifted underscore the damage caused by the pandemic.

Businesses in industries such as retail, aerospace, tourism, aviation and media have been among those to lay off huge proportions of their workforce.

The Office for National Statistics said young workers had been particularly hard hit by

Read More

UK unemployment nears 2-year high in July, as pandemic claims 750,000 jobs since March


  • The UK’s unemployment rate rose to near two-year highs at 4.1% in July, as almost 750,000 jobs were lost since March this year.
  • The number of employees on payroll fell by 695,000 since March, despite the three months to July marking the period of relaxed lockdown restrictions.
  • The claimant count rose by 120.8% since March to reach 2.7 million in August. 
  • Latest data might not present the true extent of job losses in Britain as “the numbers still don’t include those who have yet to return to work from furlough, and as such aren’t classified as unemployed quite yet,” a chief market analyst said.
  • Visit Business Insider’s homepage for more stories.

The coronavirus pandemic cost 750,000 people their jobs in the UK between March and August and pushed the unemployment rate above 4% for the first time since October 2018, according to data released Tuesday

Read More

Ottawa’s labour market down 24,900 jobs since March



a woman holding a pink umbrella: The hospitality and food services industry has been one of Ottawa's hardest hit job sectors since the COVID-19 pandemic hit, with more than 10,000 jobs lost since March.


© Andrew Lee/CBC
The hospitality and food services industry has been one of Ottawa’s hardest hit job sectors since the COVID-19 pandemic hit, with more than 10,000 jobs lost since March.

The City of Ottawa released a breakdown of recent employment numbers on Wednesday, showing the effect the COVID-19 pandemic has had on the local economy.

Ottawa’s labour force lost 24,900 jobs since March, which translates to an approximate 4.35 per cent decline overall.

The job sectors hardest hit, according to the report, include: the hospitality and food services industry, wholesale and retail and the professional, scientific and technical services industries. 

Since the shutdown in March, and slow recovery over the summer, some industries were able to partially recoup job losses while others continued to see a decline. 

Ottawa’s hospitality and food services industry lost 10,400 jobs, down from 30,700 in March, but the sector did see a 4,600 bump

Read More

Nasdaq posts worst week since March as tech shares slide

Stocks fell Friday, extending declines after a selloff a day earlier led the S&P 500 to its worst single-session drop in nearly three months.

Loading...

Load Error

While ending the day off the lows of the session, each of the three major indices posted steep declines for the week, as Thursday’s rout took out gains from earlier sessions this week. The S&P 500 ended the week 2.3% lower, the Dow fell 1.8% and the Nasdaq dropped nearly 4% for its worst week since March.

The Nasdaq underperformed especially on the day, falling as much as 5% intraday Friday before paring losses, as tech stocks continued to lag. The index on Thursday had dipped back below 12,000, after crossing that threshold for the first time every just a day earlier. Apple (AAPL) shares steadied after an 8% drop on Thursday. Amazon (AMZN) and Zoom Video Communications (ZM) – both darlings of the

Read More

Students protest education inequity in march from Lower Merion to Philly’s Overbrook High School

Less than four miles separate Lower Merion High School in Ardmore from Overbrook High School in West Philadelphia, but the two schools and their communities are worlds apart.



a car driving on a city street filled with lots of traffic: Protesters make their way along City Avenue as part of a rally and march to highlight inequities in suburban and city public schools.


© MONICA HERNDON/The Philadelphia Inquirer/TNS
Protesters make their way along City Avenue as part of a rally and march to highlight inequities in suburban and city public schools.

Lower Merion’s average annual household income is more than $131,000 a year. In the neighborhood surrounding Overbrook High, that figure doesn’t quite reach $35,000, census figures show.

During a recent school year, Lower Merion spent $26,422 per student — at least $12,000 more per student than the Philadelphia School District could muster.

Philly public schools will stay all-online at least until NovemberThat contrast has existed for a long time, but for Kisara Freeman, and three other rising seniors at Lower Merion High this summer of protests and widespread social and economic upheaval has become

Read More