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KPMG comments on today’s labour market figures

KPMG comments on today’s labour market figures

“Unemployment figures represent the calm before the storm”, says Yael Selfin, Chief Economist at KPMG UK.

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“Today’s figures point at the success of the Government’s furlough scheme to shield the labour market from the worse of the immediate crisis. But as the Job Retention Scheme unwinds in coming months, the full impact of the recession on unemployment is likely to be revealed.  

“There was a relatively small rise in unemployment in May to 4.1%, while actual hours worked began to rise slightly as the lockdown was eased.  

“A sharp decline in the number of self-employed men, and around half a million workers who were temporarily away from their work due to COVID-19 without pay, point at a worse picture than the headline numbers convey. Although some of these workers may have resumed paid work as the lockdown eased.”   

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Notes to Editors:

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 21 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, Legal and Advisory services. It operates in 154 countries and has 200,000 professionals 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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