ONS | Almost 700,000 jobs lost in five-month period

According to the latest data released by the Office for National Statistics (ONS), the number of workers currently on payrolls fell by a total of 695,000 between the months of March and August – largely due to the financial impact of the coronavirus crisis.

Metro reported that the mass drop in payroll, which represents a 4.1% increase in the rate of unemployment within the UK, correlates with previous expert predictions on the impending damage that COVID-19 could inflict on the jobs market. It’s also the first time that the jobless rate has increased since the pandemic first struck back in March 2020.

The ONS data also revealed that employment across the nation now stands at 76.5% for those aged between 16 and 64-years-old – with economic inactivity now at 20.2% for those within the same age bracket.

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The impact of the virus on employment seems to have been most keenly felt amongst younger age groups; 76,000 people between the age of 16 and 24 lost their jobs over the past year.