Andy Hart, Managing Director of Blue Arrow, reviews the latest statistics released by labour market analytics company Emsi and considers what lies ahead.
Released on October 1st, Emsi’s latest statistics1 reveal positive signs in places but cautions tough times still lay ahead.
156,000 redundancies have been recorded in the period since March of this year, with 695,000 fewer people now on PAYE. At the same time, unemployment claims have now hit 2.7 million, although this count includes people who may previously have been on Universal Credit before claiming for unemployment and people who applied previously but were subsequently furloughed, potentially introducing an element of double-counting.
Redundancies by Sector
The Government’s furlough intervention has clearly helped in keeping down unemployment. Affecting 25-30% of employees, furlough schemes have ‘frozen’ the jobs market, keeping people in work but economically inactive. Reaching 9.6 million at its peak, millions of employees remained on furlough by the end of September.