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UK job losses worst since GFC

Tuesday, August 11, 2020

The pace of job losses in the UK in the period from April to June was the worst since the global financial crisis (GFC) highlighting the dire state of the employment market in the economy. With 220,000 people losing jobs over the period when lockdown restrictions were at their most extreme, the outlook does not seem to be getting any better now lockdown restrictions have eased. The Office for National Statistics is indicating that total employee payrolls are down 730,000 through to July compared to March this year. That is a shockingly bad number and will clearly weigh on the GDP print coming on 12 August with estimates pointing to a 20.5% drop in the second quarter.  

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