Employers are planning the lowest number of job cuts for over six years, as the economy reopens after the pandemic.
This data gives an early indication of moves in the labour market, months before they show up in the official unemployment figures. "The data suggest that there is no spike in redundancies coming in July or August," says Xiaowei Xu, senior research economist at the Institute for Fiscal Studies. "The labour market is in a much better position than anyone expected at the start of the pandemic, and it shows how well the furlough scheme has worked,"
The number of HR1 forms filed has also been falling this year, with 179 forms filed by 151 different employers. A total of 11.6 million jobs have been furloughed during the pandemic, though only 2.4 million were still on furlough at the end of May.The success of the furlough scheme and the vaccine programme have lead many economists to cut their forecasts of how many jobs would be lost in the pandemic.
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