UK unemployment rate jumps to 4.5% as Covid-19 jobless crisis deepens – business live | Business
The latest jobless figures were not all doom and gloom. Vacancies were up by nearly 150,000 between the second and third quarters and 20,000 people were added to payrolls in September.
These, though, were silver linings to a whopping cloud. The big picture is that unemployment is going up while employment and participation in the labour market are going down.
These trends look sure to get worse as the economic recovery seen during the summer peters out and the government cuts back on its support for wages. Rishi Sunak’s response to the figures from the Office for National Statistics was telling.
The chancellor said he was trying to save as many jobs as possible and help those who get laid off back into work. Those are the comments of a politician who thinks there is worse to come, and most economists agree…