UK's unemployment claims soared nearly 70% to its highest level since 1996 as 2.1 million people filed for unemployment benefits in April.
The claimant count increase of 856,000, or 69.1%, in a single month represents a record high for the UK since records began in the early 1970s. The country's benchmark FTSE-100 slipped into the red on Tuesday after the release of jobs data. However, analysts expected a worse outcome.The UK's unemployment claims rose nearly 70% to its highest level since 1996, as 2.1 million people filed for benefits in April during the heat of the coronavirus pandemic.released Tuesday by the Office of National Statistics. The escalating number represents a record high for the UK economy since comparable records began in the early 1970s.
"After ducking the expected ballooning of unemployment claims in March, April reflected the fact that the pain was merely delayed by a month," Connor Campbell, a financial analyst at SpreadEx, said in a note. "The claimant count change for last month rose by 856,500 – to put that in perspective, March's increase was 5.4k, while analysts were forecasting an increase of 675,000."The ONS categorizes unemployment claims under a measure known as"claimant count" which consists of the UK's benefit system. Currently, it includes a combination of jobseeker's allowance and universal credit.Total number of weekly hours worked was 1,040.6 million, a drop of 12.
Source: Financial Digest (financialdigest.net)
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UK jobless claims rise by 70% in April to 2.1 millionCompare percentages too whole numbers please. Not great for the economy...yeah I don't think I have to point that out.
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