No, unemployment hasn’t increased according to the ONS
The latest unemployment figures from the ONS show that there have been 856,000 extra unemployment claimants vs an anticipated 660,000.
However, while the claimant count has increased by over 800,000, according to the ONS notes themselves, this is because people are now eligible for benefits due to the CV19 crisis that previously were not, but they still remain employed. Therefore talk of a ‘rise in unemployment’ are inaccurate
Actually, the unemployment rate FELL from 4% to 3.9% in these latest numbers and in Q1 2020 there were 211,000 MORE people employed than in Q4 2019.
Founder and Managing Director of Sourced Capital, Stephen Moss, commented:
“The latest figures show unemployment hasn’t spiked as a result of COVID-19, and in fact, according to the ONS, it has in fact fell. While this might not be the case months down the line, the figures show there are currently more people in jobs but unfortunately, many have jumped to incorrect conclusions without delving into the detail.
Employment, along with availability and cost of money to home buyers, is fundamental in keeping the property market buoyant and the wider economy afloat. We must ensure that we keep our heads here and refrain from adding unnecessary fuel to an already volatile fire for the sake of a quick headline.”