A year into the coronavirus pandemic and many workers have filed for jobless benefits, highlighting the overall rate of economic improvement.
The U.K. rate of unemployment has unexpectedly edged up to 5% in the three months to January 2021, compared to an otherwise 5.2% by economists.
According to the Office for National Statistics, the number of employees on payrolls increased to 68,000 last month, which brings it thrice in a row monthly increase. Notably, job vacancies have seen a rise by 8% to a total of 601,000 from December through February.
With the widespread distribution of vaccines and government stimulus, the economy shows hope and recovery from U.K.’s worst recession in the last 30 years.
Further, a survey from the Confederation of British Industry showing manufacturing order books in March to be at their strongest since April 2019.
Consumer spending in activities like dining out, entertainment, and travel show signs of improvement, which will boost hiring in these sectors that were badly hit by the coronavirus pandemic.
As businesses adjust to the new normal, there are potential highs and hiccups for the labor market to ride throughout the months to come.
