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UK employment marks the worst quarterly decline since 2009

UK employment marks the worst quarterly decline since 2009

Despite the steadiness of the unemployment rate near a record low in the second quarter, the employment posted the worst quarterly decline since mid-2009, as the Covid-19 measures forced employers to cut jobs.

The jobless rate stabilized at 3.9 percent in the quarter ended June, defying analysts’ projections of a rise to 4.2 percent.

On the other hand, employment reported 220,000-drop during the same period on slump in jobs for the over-65s, the self-employed, and part-time workers. Yet, a marked soar in full-time workers managed to make a balance.

The employment rate slipped 0.2 percentage points to 76.4 percent, according to ONS.

Regular wages fell 0.2 percent on the quarter, the worst contraction since 2001, while aggregate pay sagged 1.2 percent.

People filing for jobless benefits edged up by 94,400 in July, well above estimates of 9,700, where the claimant change surged to 2.6 million.

As of 07:45 GMT, the pound traded slightly higher versus the US dollar at 1.3077, while it was 0.03 percent up against the euro at 1.1140.

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