Unemployment Rate Falls to 4.3% Despite End of Furlough

The UK’s unemployment rate fell to 4.3% in October – near pre-pandemic levels – despite the furlough scheme wrapping up at the end of September. The total number of jobs is now 235,000 higher than the pre-Covid level recorded in February 2020. Yet more job-timism…

According to ONS figures released this morning, the number of payrolled employees jumped by 160,000 between September and October, with very few employees losing their jobs or leaving the workforce. Job vacancies have also reached a record high…

The news has prompted fresh claims that the Bank of England is now more likely to raise interest rates to tame inflation, as had previously been expected earlier this month. Yesterday Governor Andrew Bailey claimed that unemployment rates looked “lower than our forecast would imply”, though didn’t confirm the move outright. The Bank will meet to discuss a potential change on 16the December. Guido’s old enough to remember the British Chamber of Commerce claiming one in five firms were planning job cuts ahead of the furlough tapering…

mdi-tag-outline Bank of England Data Guido Unemployment
mdi-account-multiple-outline Andrew Bailey
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