The UK jobless rate dipped to 4.8% from January to March – a drop from 5.1% in the previous quarter according to the Office for National Statistics. Hiring and payroll employment rates are also increasing, with the overall employment rising to 75.2%, though this is still 1.4% below pre-pandemic levels. Clearly some signs of recovery as the economy begins to reopen, although furlough has kept things from falling off a cliff-edge…

Young people continue to bear the brunt of the economic damage, with employment and unemployment rates for 16-24-year-olds decreasing over the last quarter; a result of their staying in education rather than looking for work. A surge in vacancies across retail and hospitality over the summer could help here…

The overall picture is less bleak than initially feared, though: vacancies are at their highest in 12 months, and the falling average in unemployment is encouraging. The real test comes when Rishi turns off the taps and furlough is wound down…