Despite rise, unemployment “remains on track to peak below 7%”, says IEA expert
10 Nov 2020 12:21 PM
IEA Economics Fellow Julian Jessop responded to the latest unemployment figures published by the Office for National Statistics (ONS), showing a rise from 4.5% to 4.8% in the three months to September
“The further rise in unemployment is unwelcome, but it’s worth emphasising how low unemployment still remains, considering the huge hit to economic activity.
“This is partly due to continued government support, including the furlough scheme, but is also a tribute to the flexibility of the UK labour market.
“Other European countries have provided similar government support but have still seen unemployment rise to far higher levels; average unemployment in the eurozone is 8.3% compared to less than 5% in the UK.
“Unemployment remains on track to peak below 7%, which is far lower than many feared.”
Notes to editors
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UK labour market: November 2020