UK, total number of employers ‘above’ the level just before Corona

Article Summary

In September, the number of people increased by 209,000… In the United States, only 193,000 people
The UK grew 5.5% in the second quarter… US 1.6%
However, UK GDP is at 97% of the pre-coronavirus level.

[헤멜헴프스테드=AP/뉴시스] A worker waves to a colleague in a fuel truck at a Burnsfield gas depot near Hemel-Hampstead, England, on the 5th (local time). British soldiers have started delivering fuel to a service station in the UK that has been running out of oil for over a week due to a shortage of heavy truck drivers. Authorities said about 200 drivers had joined the fuel transport operation. 2021.10.05.

[서울=뉴시스] Reporter Kim Jae-young = British businesses added more than 200,000 jobs in September, bringing the total number of employees to the pre-COVID level, the Young Statistics Authority said on the 12th.

The total number of beneficiaries increased by 207,000 in September, bringing the total to 29.2 million, the Associated Press reported, citing the Institute of Employment and Labor (IES).

Among the employed, the number of employees in the UK business, excluding the self-employed and freelancers, is 122,000 more than the number of salaried workers in February 2020, just before the Corona 19.

Such a booming job market can have a special meaning when compared to the United States. The United States, the world’s largest economy, added only 193,000 jobs per month in September, but an average of 560,000 jobs were added per month this year.

Nevertheless, as of the end of September, the total number of jobs in businesses stood at 14.755 million, 4.9 million less than in February 2020, just before the Corona 19.

In the UK, which is one-seventh the size of the US economy and one-fifth the size of the population, in the month of September, a similar number of business jobs were created in the United States and, as a result, the number of employees exceeded the pre-COVID level.

This can be said to be the result of the UK’s active implementation of the ‘job retention policy’, which subsidizes 80% of wages if employees remain in jobs without firing employees at businesses that are heavily impacted by the coronavirus lockdown.

The U.S. also ran a $400 billion job protection program (PPP) along with special unemployment benefits while releasing more than $5 trillion in coronavirus relief funds, but the COVID-19 unemployment rate was much higher than that of the United Kingdom.

The U.S. unemployment rate soared to 14.4% in April last year and then continued to fall due to the effect of federal aid, dropping to 4.8% in September. The UK’s highest unemployment rate during the entire coronavirus period was only 5.1%, and it was 4.5% in September this year.

But as a whole, the UK has not recovered to pre-coronavirus levels, while the US has achieved it. In the second quarter of this year, the UK recorded a growth rate of 5.5% compared to the previous year, but due to a negative growth rate of minus 9.8% last year, GDP remained at 96.7% compared to the fourth quarter of 2019, just before the corona virus.

On the other hand, in the United States, where the rate of negative growth last year was only 3.4%, the GDP grew by 1.6% in the second quarter compared to the previous quarter, reaching 100.9% just before the corona virus.

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