The unemployment numbers do look bad - but they are far better than some had feared The UK unemployment rate was just 4.4% in July, compared to 7.9% in the Euro area Redundancies tend to hog the headlines, but hiring is also starting to pick up Source CAPX 15/09/20 link to article Today’s headlines understandably focus on the latest rise in unemployment, especially among the young. Losing a job is potentially a life-changer for many people. But it is no shock that the UK labour market has weakened given the depth of the Covid recession. The real news is that the deterioration is not as bad as feared – and there are some good reasons to expect further positive surprises. The usual Labour Force Survey (LFS) measures of unemployment are not very meaningful at the moment (as most now understand). In part this is because many people – perhaps 3 million – are still on the government’s job retention scheme. This means they still count as employed, even if they are not actua...