The number of UK workers on payrolls dropped by 56,000 last month and has fallen by 813,000 since March 2020 due to the impact of the pandemic, according to the Office for National Statistics (ONS).
But showing signs of improvement, it said the unemployment rate surprisingly fell to 5% in January, from 5.1% in December. “The labour market is showing some signs of resilience in the face of covid-19," said Tej Parikh, chief economist at the Institute of Directors. "The pandemic has led to an unprecedented rise in job losses, but with continued support from the furlough scheme and the economy now gradually reopening, worst case scenarios are now slowly coming off the table." The unemployment rate measures the number of economically active
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