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KPMG comments on today’s labour market figures

KPMG comments on today’s labour market figures

“Latest figures mask the extent of the rise in unemployment expected this year,” says Yael Selfin, Chief Economist at KPMG UK.

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“Early figures for March underscore the impact COVID-19 is likely to have on the labour market.

“We estimate that as many as 13 million jobs are in sectors highly affected by the lockdown, representing 36% of all jobs in the UK, which could see unemployment rising to just under 9% during the lockdown period.

“An additional spike in unemployment after the lockdown also seems likely, once government support via the Job Retention Scheme ends.

“While the unemployment rate in 2020 could average below the rate the UK suffered in the recessions of 1980s, 1990s and 2008-09, this is due to the historically low level of unemployment in the UK prior to the current crisis. The rise in unemployment is expected to be proportionally larger than in past recessions owing to the severity of the crisis. However, a relatively faster recovery should also see unemployment falling more quickly this time.”

-Ends-

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KPMG Press Office
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Notes to Editors:

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 17,600 partners and staff. The UK firm recorded a revenue of £2.40 billion in the year ended 30 September 2019. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 147 countries and territories and has more than 219,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

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