The number of employees on UK payrolls in June has dropped by 649,000 compared to March according to the latest Labour Market Overview from the Office for National Statistics (ONS).
It’s actually not that bad given those numbers were already down by over 600,000 in May.
Basically, we’re now seeing a slow down of the rate at which people are losing their jobs, either through firms making cuts or businesses going bust.
It’s a good thing in some respects, because it means the jobs market is stabilising.
In fact, most of the job losses occurred between March and April, likely before the furlough scheme was announced.
That said, with the furlough scheme tapering off, we may well see the rate accelerate again.
According to a survey by the British Chambers of Commerce, 29% of firms are looking to downsize their workforce in the next three months.
