Job Retention Scheme Urged to Extend Beyond June
- UK unemployment rate rises to 5% with over 1.7 million people out of work
- Record high redundancies in September to November 2020 at 14.2 per thousand
- Payroll employees fell by 828,000 since February 2020
- Total hours worked increased from previous quarter despite lockdown measures
- Estimated 578,000 vacancies in October to December 2020, down from a year ago but up from the previous quarter
- CBI director calls for Job Retention Scheme extension to avoid cliff-edge after June
The UK unemployment rate has risen to 5%, affecting over 1.7 million people, according to the Office for National Statistics (ONS). Since February 2020, payroll employees have fallen by 828,000. The number of redundancies reached a record high in September to November 2020 at 14.2 per thousand, although it dropped from its peak in September. Despite an increase in total hours worked during the same period, the employment rate continues to fall. There were an estimated 578,000 vacancies in October to December 2020, down from a year ago but up from the previous quarter. CBI director Matthew Percival called for the Job Retention Scheme to be extended beyond June to avoid a cliff-edge.
Factuality Level: 8
Factuality Justification: The article provides accurate information from reliable sources (Office for National Statistics) and presents it in an objective manner without any clear signs of sensationalism or opinion masquerading as fact. It also includes relevant data and quotes from a credible source to support its claims.
Noise Level: 3
Noise Justification: The article provides relevant information about the UK unemployment rate and its impact on businesses during the pandemic, but it could benefit from more in-depth analysis or contextualization of the data and potential long-term consequences.
Financial Relevance: Yes
Financial Markets Impacted: UK job market, businesses, and government support programs
Financial Rating Justification: The article discusses the increase in UK unemployment rate and its impact on businesses, as well as the need for government support through the Job Retention Scheme. This directly pertains to financial topics such as employment and economic stability, which can affect financial markets and companies.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: Although there are significant economic impacts, such as increased unemployment and redundancies, the situation does not qualify as an extreme event due to no mention of a catastrophic event or crisis.
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