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UK employment falls by biggest amount in over a decade


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UK employment falls by biggest amount in over a decade

https://www.bbc.co.uk/news/business-53733440

730,000 workers fall from UK payrolls between March and July

https://www.theguardian.com/business/2020/aug/11/coronavirus-730000-workers-fall-from-uk-payrolls-between-march-and-july

 

UK employment falls and wages shrink as Covid-19 hits jobs market

https://www.theguardian.com/business/live/2020/aug/11/uk-unemployment-payrolls-wages-covid19-growth-gdp-russia-business-live

 

Edited by Saving For a Space Ship
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1 minute ago, Roman Roady said:

Why "Employment falls" instead of "Unemployment rises"?

I believe the employed and unemployed are counted separately and there is a lag between the 2(?) Someone correct me if I'm wrong. 

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People now spending the money they do have on the 'wrong things'........you could say much of the recent high employment over the last five or so years was dependent on continued consumption, shopping, eating out, going out, travelling, buying cars and gadgets, buying services and subscriptions.....working hard and using the money to pay others to make and do things on our behalf.?

 

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5 minutes ago, winkie said:

People now spending the money they do have on the 'wrong things'........you could say much of the recent high employment over the last five or so years was dependent on continued consumption, shopping, eating out, going out, travelling, buying cars and gadgets, buying services and subscriptions.....working hard and using the money to pay others to make and do things on our behalf.?

 

It's not 'wrong' if your part of the Elite, farming the sheeple with Loans, Taxes, and Rents.

Having an economy that does stuff and makes stuff requires skills, technology, and education - but that needs paying for through taxes on the Elites.  Far easier to open the door and let others come in (and also provide a scapegoat to blame...)

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9 minutes ago, msi said:

It's not 'wrong' if your part of the Elite, farming the sheeple with Loans, Taxes, and Rents.

Having an economy that does stuff and makes stuff requires skills, technology, and education - but that needs paying for through taxes on the Elites.  Far easier to open the door and let others come in (and also provide a scapegoat to blame...)

Far too many mergers and acquisitions......once a viable internal business quickly turns into an external business loaded up with debt, over expanded and jobs that become very vulnerable.......too much emphasis on selling and not producing.....?

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1 hour ago, Saving For a Space Ship said:

UK employment falls by biggest amount in over a decade

https://www.bbc.co.uk/news/business-53733440

730,000 workers fall from UK payrolls between March and July

https://www.theguardian.com/business/2020/aug/11/coronavirus-730000-workers-fall-from-uk-payrolls-between-march-and-july

 

UK employment falls and wages shrink as Covid-19 hits jobs market

https://www.theguardian.com/business/live/2020/aug/11/uk-unemployment-payrolls-wages-covid19-growth-gdp-russia-business-live

 

Yeah but house prices are going up so who cares right! The two aren't connected anyway!!!

Joking aside...what's it going to be like when furlough ends!!!?

To those in the know, would most companies i.e. like British Airways be looking to start their redundancy programmes before the furlough scheme ends or just after?

Edited by highcontrast
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22 minutes ago, winkie said:

Far too many mergers and acquisitions......once a viable internal business quickly turns into an external business loaded up with debt, over expanded and jobs that become very vulnerable.......too much emphasis on selling and not producing.....?

A symptom of QE - giving banks 'free' money forces them to lend to whatever looks profitable, no matter how shady. High gearing should be near impossible, but it's the standard playbook nowadays (AA, Debenhams etc).

We lost the Production war to China (and we stabbed our own EU partners in the back in the process too).  Trump is a muppet, but his pressure on China is spot on - pity he doesn't have the b*lls to see it through properly.

 

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Demand for delivery folk (whether it's a Deliveroo takeaway, an Ocado supermarket delivery, or goods from amazon) is going to remain high. So at least there will be plenty of jobs for drivers and driving instructors?

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3 minutes ago, msi said:

A symptom of QE - giving banks 'free' money forces them to lend to whatever looks profitable, no matter how shady. High gearing should be near impossible, but it's the standard playbook nowadays (AA, Debenhams etc).

We lost the Production war to China (and we stabbed our own EU partners in the back in the process too).  Trump is a muppet, but his pressure on China is spot on - pity he doesn't have the b*lls to see it through properly.

 

We have got where we are because short-term profits, bonuses, instant gratification...... consequences of actions bearly considered.....those closest to the dosh scoop as much as they can whilst they can.

China and other big manufacturers of the cheap stuff the world has been buying will be increasing their prices because of a demand for better working conditions and better pay.....a high chance we will be seeing a slowdown of supply, things we thought we could always get we no longer can find.?

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5 minutes ago, PaulTW said:

Probably a big sign of things to come in terms of unemployment figures but the vacancy figures look like a blood bath:

image.png.3b5037d382284c8aadc4fd51ea8740d5.png

So time for reskilling ourselves.......we would have more employment if we didn't have so many middle agents collecting their share........time to cut out the fat middle and deal direct.?

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I was watching the BBC this morning and there was a 69 year old woman complaining that she had lost her job as a children's party organizer and it was wrong that she was now being over looked for new jobs because of her age. FFS, our society has completely lost the plot and this story sums it precisely. She had a non-job paid for by the elites skimming off the top, and wannabe elites spending like they are the elites, and we are now learning about reality. In my sector, pharmaceuticals, we cannot find good staff. I am 52 and get head hunted all the time...especially now, you would not believe how many people are moving around with no fear. I am about accept a job offer with a company that has a ground breaking drug in a disease area with no current medication...that's a real job for a real producer of value...as is a farm laborer, or shop worker...kids party organiser? FFS

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2 minutes ago, HovelinHove said:

I was watching the BBC this morning and there was a 69 year old woman complaining that she had lost her job as a children's party organizer and it was wrong that she was now being over looked for new jobs because of her age. FFS, our society has completely lost the plot and this story sums it precisely. She had a non-job paid for by the elites skimming off the top, and wannabe elites spending like they are the elites, and we are now learning about reality. In my sector, pharmaceuticals, we cannot find good staff. I am 52 and get head hunted all the time...especially now, you would not believe how many people are moving around with no fear. I am about accept a job offer with a company that has a ground breaking drug in a disease area with no current medication...that's a real job for a real producer of value...as is a farm laborer, or shop worker...kids party organiser? FFS

Well you think about it, big money is made by some at the expense of others...... adversary, bad things happening to others is good is excellent news for others......for example, think of the money to be made if/when a vaccine found, think of the money pharmaceuticals make from pain killers, high blood pressure, depression and obesity......think of the money made out of wars all the weapons sold..etc,etc.

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Shirley these figures (and the reduction in vacancies as highlighted by @PaulTW ) is going to be the driver of house buying demand and thus prices?

A bit simplistic, but....no job, no pay packet...so no big fat mortgage? Plus even more difficulty getting a mortgage?

Plus 750,000 extra people now much less likely to be buying/looking to buy?

Edit - plus more difficulty paying exisiting mortgages!! - That's the biggie i forgot...doh!!

Edited by highcontrast
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1 hour ago, HovelinHove said:

I was watching the BBC this morning and there was a 69 year old woman complaining that she had lost her job as a children's party organizer and it was wrong that she was now being over looked for new jobs because of her age.

Saw that as well, I was baffled by it. Granted I'm not in that "at risk bracket" (I'm 28) of folks who are in their 50s and worried about gaining new employment if their jobs are shed but that woman's argument was ludicrous - 69 ffs. To be fair, I thought she looked younger than her age.

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41 minutes ago, highcontrast said:

Shirley these figures (and the reduction in vacancies as highlighted by @PaulTW ) is going to be the driver of house buying demand and thus prices?

Just going back to the figures quickly, below I've plotted together (total vacancies and unemployed per vacancy) over the last year or so the figures are woeful. How this will play out in terms of HPI I've no idea, as I've said numerous times on this forum I am sure what should happen rationally in economics terms will not play out.

image.png.5e99e5f5c1b2708454c0aa911b91739b.png

 

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1 hour ago, highcontrast said:

Shirley these figures (and the reduction in vacancies as highlighted by @PaulTW ) is going to be the driver of house buying demand and thus prices?

A bit simplistic, but....no job, no pay packet...so no big fat mortgage? Plus even more difficulty getting a mortgage?

Plus 750,000 extra people now much less likely to be buying/looking to buy?

Edit - plus more difficulty paying exisiting mortgages!! - That's the biggie i forgot...doh!!

Yes that's exactly what will happen.  We need distressed sellers for a 'crash' rather than a slow drift.  A house price crash was never going to be painless.

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So 2.7 million unemployed. 9.6 million on furlough. 2.7 million self employed claiming furlough(although may still be working).

Total 15 million out of a work force of 33million ish.

45% right now claiming benefits. Insane. 

At least we don't have to worry about where to get our fruit pickers, hospitality workers and hand car washers from. 

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3 hours ago, winkie said:

Well you think about it, big money is made by some at the expense of others...... adversary, bad things happening to others is good is excellent news for others......for example, think of the money to be made if/when a vaccine found, think of the money pharmaceuticals make from pain killers, high blood pressure, depression and obesity......think of the money made out of wars all the weapons sold..etc,etc.

but where does the money go in the end ? 

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2 hours ago, highcontrast said:

Shirley these figures (and the reduction in vacancies as highlighted by @PaulTW ) is going to be the driver of house buying demand and thus prices?

A bit simplistic, but....no job, no pay packet...so no big fat mortgage? Plus even more difficulty getting a mortgage?

Plus 750,000 extra people now much less likely to be buying/looking to buy?

Edit - plus more difficulty paying exisiting mortgages!! - That's the biggie i forgot...doh!!

Depends on the jobs that are going, if its just people with crap jobs on crap money, then its not going to mean squat. 

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6 minutes ago, cbathpc said:

Depends on the jobs that are going, if its just people with crap jobs on crap money, then its not going to mean squat. 

Those people often do pay rent though ?  BTL could get hammered by this in particular.

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2 minutes ago, blackhole said:

Those people often do pay rent though ?  BTL could get hammered by this in particular.

Especially as its going to take a year before evictions get sorted through the courts etc. People who cant pay will be sat in BTLs for free. Things will get spicy and the government will bail out the landlords by paying mortgages to the banks. The image of the BTL landlord will be further trashed thankfully, and the banks get their fill.

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  • 417 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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