UK unemployment benefits claims surge as Covid-19 lockdown hits economy – business live

Source: – Monday, May 18, 2020
Rolling coverage of the latest economic and financial news, as new data shows the UK claimant count jumped over 2m in April Newsflash: UK claimant count surges 856k last month Number of employees tumbled by 457k Coronavirus – latest updates See all our coronavirus coverage 7.47am BST Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. We start with some bad economic news: the number of people claiming unemployment benefits in the UK jumped sharply last month, and the number in work fell, as the Covid-19 lockdown hit the economy The single month jump in the UK claimant count unemployment rate (from 3.5% to 5.8% is the largest monthly increase since comparable records began in 1971. You need to go back to February of 1947 (on older administrative data) to find a bigger single month increase. Related: Share prices buoyed by lockdown easing and hopes of Covid vaccine Continue reading…

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