Record Job Losses and Hours Worked Drop
- UK payroll numbers dropped by 649,000 between March and June 2020
- Employment fell by 74,000 compared to May 2020
- Total hours worked decreased by 175.3 million in the same period
- Largest annual decrease in average weekly hours in accommodation and food service activities
- Vacancies down across all sectors
- Lowest vacancy levels since April to June 2001
New research from the Office for National Statistics (ONS) has revealed that between March and June 2020, the number of people on UK company payrolls fell by a staggering 649,000. Compared to May 2020, there were 74,000 fewer individuals in paid employment. Early estimates for June 2020 suggest that this figure is expected to decline by 1.9% compared to the same month in 2019. The ONS also reported a significant decrease of 175.3 million total weekly hours worked, or 16.7%, bringing the total hours down to 877.1 million – the lowest level since May to July 1997 and the largest annual drop since records began in 1971. The accommodation and food service sectors were hit hardest by social distancing measures, experiencing the most significant decline in average weekly hours worked. Vacancies have also decreased across all industries. According to the ONS, vacancies reached their lowest point since the survey started in April to June 2001, representing a 23% drop from the previous record low in April to June 2009.
Factuality Level: 8
Factuality Justification: The article provides accurate and objective information based on research from the Office for National Statistics (ONS) about the impact of COVID-19 on UK employment and work hours. It presents relevant data and does not include any sensationalism or personal opinions.
Noise Level: 4
Noise Justification: The article provides relevant information about the impact of COVID-19 on UK employment and vacancies, but it could benefit from more analysis or context on how these changes may affect long-term trends or possible solutions.
Financial Relevance: Yes
Financial Markets Impacted: The decline in payrolls and employment can impact stock prices of companies, particularly those in the accommodation and food service industries, as well as overall economic growth and consumer spending.
Financial Rating Justification: This article discusses changes in UK employment and hours worked during the COVID-19 pandemic, which directly affects businesses and their financial performance. This information is relevant to investors and can impact stock prices and market trends.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the article.
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