Today’s unemployment figures mask the challenges ahead” says Yael Selfin, Chief Economist at KPMG UK.
“Figures for June highlight the effectiveness of the Job Retention Scheme in shielding workers during the lockdown months. But they mask the true state of the labour market, as 730,000 employees lost their jobs in the second quarter.
“As the Job Retention Scheme unwinds, we expect unemployment to rise quickly in the fourth quarter. That could see unemployment average over 6% this year compared to only 3.9% at present.
“Government needs to step in and help those who are likely to lose their job retrain for new openings in different sectors. It is an opportunity to upskill a large section of the UK labour market, providing better prospects for the future.”
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