A thread on the UK Labour Market
It is disappointing to see the 5% Unemployment Rate so widely reported.Why? Well if 1.72 million are unemployed then what about the 1.6 million on the furlough scheme? On this road we get to get 7-10% unemployed ( 1/3)
Average earnings are even worse as the 3.6% growth figure is pretty much beyond parody. What has (sadly) happened is that the lower paid have lost more jobs boosting the average. Meanwhile the actual numbers show a 3% fall! (2/3)
A better guide comes from hours worked which have risen by 10% in the latest 3 months but are still 7% below pre pandemic levels. ( 3/3)
More in the link https://notayesmanseconomics.wordpress.com/2021/01/26/uk-unemployment-rises-above-7-and-towards-10/
UK unemployment rises above 7% and towards 10%

There are many different ways of gaining an insight into an economy and the labour market is one of the most significant. The credit crunch posed a challenge for earnings numbers in particular and …

https://notayesmanseconomics.wordpress.com/2021/01/26/uk-unemployment-rises-above-7-and-towards-10/
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