U.S. jobless claims hit pandemic low as hiring picks up Business

The number of UK workers on leave fell by more than 880,000 last month, another sign that the economy is picking up.

At the end of April, 3,435,400 people were registered with the job retention program for coronaviruses (CJRS), against 4,319,100 at the end of March, reports the HMRC.

The largest drop occurred in the wholesale and retail trade sector, which had 234,500 fewer jobs on leave after stores reopened in April.

There has also been a sharp reduction in the number of people on leave in accommodation and food services, and arts and entertainment businesses, although utilization rates remain high in these sectors, HMRC adds.

At the end of April, there were still about 602,800 people on leave in the wholesale and retail sector, 932,600 in accommodation and food services, 246,300 in manufacturing, 166,600 in construction and 230,200 in arts and entertainment.

Daniel Tomlinson
(@dan_tomlinson_)

NEW: Participation in the job retention program fell from 880,000 in April to 3.4 million.

Down by a third since January 2021.

Still a lot of people on leave as we get closer to the end and the end of the regime. pic.twitter.com/F0xX4NanA2


June 3, 2021

The government welcomed the drop, saying 11.5 million employees and 1.3 million employers have now been supported by the CJRS (which pays 80% of wages to people currently not needed for work due to the pandemic ).

Resolution Foundation has calculated that the use of the Job Retention Scheme has reached two billion days [the total number of employments furloughed each day since the start of March 2020, including weekends].

Dan Tomlinson, senior economist at the Foundation Resolution, says:


Employees have accumulated two billion days off since the start of the pandemic. It shows how big an impact the pandemic has had on the economy – and how vital the leave scheme has been in preventing mass unemployment.

The continued decline in holiday rates in April as the economy began to reopen is an encouraging indicator that the labor market – as well as the economy as a whole – is recovering quickly.

But with around one in six young workers still on leave at the end of April, today’s figures are a stark reminder of the risk of rising unemployment when the leave scheme ends. The government must do everything to ensure that these workers find work as quickly as possible.

Foundation Resolution
(@resfondation)

The latest leave statistics released today show the number of workers on leave fell by 880,000 in April – and 1.6 million since January – as the economy began to reopen, while recourse to the Job Retention Scheme reached two billion working days: https://t.co/8eKbbtPW6b pic.twitter.com/7iB4e1LATA


June 3, 2021

Daniel Tomlinson
(@dan_tomlinson_)

A major milestone in the UK economy was taken on April 10.

After 13 months of the Job Retention Scheme, we have reached ** two billion ** working days off.

The scale of this economic intervention is staggering. pic.twitter.com/XoNzkeNv6D


June 3, 2021




Source link

About Nancy Owens

Nancy Owens

Check Also

Coronavirus: West Virginia gives residents chance to earn weapons with Covid-19 shot – as happened

A stamp duty reprieve and shifting demands pushed UK house prices up more than expected …

Leave a Reply

Your email address will not be published. Required fields are marked *