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KPMG comments on today’s labour market figures

KPMG comments on today’s labour market figures

Today’s unemployment figures mask the challenges ahead” says Yael Selfin, Chief Economist at KPMG UK.

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“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.”   

-Ends-

 

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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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