600k people off payroll, but unemployment rate stays at 3.9%, which is the unemployment level of a fully booming economy. What is the point of having and publishing unemployment statistics if they don't measure the actual unemployment level in a country?
Labour market overview, UK: June 2020
Early indicators for May 2020 suggest that the number of employees in the UK on payrolls is down over 600,000 compared with March 2020. The Claimant Count has continued to rise, enhancements to Universal Credit as part of the UK government's response to the coronavirus (COVID-19) mean an increase in the number of people eligible. Meanwhile, the number of vacancies in May has fallen to a record low. Labour Force Survey (LFS) data, covering the period up to end of April 2020, show weakening employment rates, with the self-employed and men seeing some reduction in employment. The largest changes are seen in the number ... (full story)