Rolling coverage of the latest economic and financial news, as the number of UK workers on payrolls falls by 730,000 since March
- Payrolls declined again in July
- ONS: Worst quarter since the financial crisis
- Wages declined as bonuses cut back
The number of vacancies in the UK has risen, but remains worryingly low.
The Office for National Statistics estimates there were 370,000 vacancies in May to July, up 10% from the record low in April to June 2020.
The increase was driven by small businesses (less than 50 employees), some of which reported taking on staff to meet coronavirus (COVID-19) guidelines.
BCC Head of Economics Suren Thiru fears that more workers will lose their jobs as the government’s job retention scheme winds up in October:
“While the headline data continues to lag behind the reality on the ground, the decline in the number of employees on payrolls and hours worked is further evidence of the damage being done to the UK labour market by the Coronavirus pandemic.
“The furlough scheme has been successful in preserving millions of jobs. However, with firms continuing to face a perfect storm of increased costs, reduced demand, and diminished cash reserves, unemployment is likely to surge as the government support schemes wind down, unless action is taken.
Continue reading… Source: The Guardian: UK employment falls and wages shrink as Covid-19 hits jobs market – business live ———