Jobless claims climbed to their highest levels in 24 years, as more than 850,000 people registered for unemployment benefits in April alone
The devastating impact of coronavirus lockdowns on the U.K. labor market is now emerging: .The claimant count—the measure of people claiming unemployment benefits—jumped by 856,500 last month, or 69%, marking the biggest monthly jump since 1996.
Forecasters warn that the unemployment rate could top levels seen during the 2008 financial crisis. National Institute of Economic and Social Research Director Jagjit Chadhathe BBC: “We can reasonably expect unemployment to rise very quickly to something over 10%—something we haven’t seen since the early 1990s.”
Young people—those between ages 18 to 24—are some of the hardest hit and could face longer-term impacts on their pay and careers. One in three young workers have lost work or have been furloughed amid the crisis, compared to one in six 35- to 49-year-olds,
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