16-06-2020, 12:28 PM
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Coronavirus: Job cuts warning as 600,000 roles go in lockdown
https://www.bbc.co.uk/news/business-53060529Meanwhile, the number of people claiming work-related benefits - which includes the unemployed - was up 126% to 2.8 million.
The early estimates reflect the impact of around six weeks of lockdown in which large parts of the UK were shut.
But economists say the full effect on employment will not be felt until wage support schemes end in October.
"The slowdown in the economy is now visibly hitting the labour market, especially in terms of hours worked," said Jonathan Athow, deputy national statistician for economic statistics at the Office for National Statistics (ONS)."
Separate figures published by HMRC on Tuesday showed that a total of 9.1 million workers are having their wages paid through the government's furlough scheme - more than a quarter of the workforce.
16-06-2020, 12:43 PM
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Re: Coronavirus: Job cuts warning as 600,000 roles go in lockdown
Originally Posted by Omah
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https://www.bbc.co.uk/news/business-53060529The numbers are staggering ….. and the costs are mounting …..
NSW State Treasurer Dominic Perrottet has revealed the New South Wales economy is expected to contract by 10 per cent this financial year.
Mr Perrottet delivered an economic update to NSW Parliament on Tuesday in lieu of handing down the state budget, which has been delayed because of COVID-19.
Earlier this month figures from the Bureau of Statistics showed the NSW economy shrank by 1.5 per cent in the March quarter and at that time the Government warned there would be further severe economic consequences.
At the same time the national economy contracted by 0.3 per cent which makes a recession inevitable.
The latest NSW Treasury Forecasts say the result of the state's contraction is not only down to COVID-19, but bushfires and drought as well.
Unemployment is expected to jump from 6 per cent to 7.75 per cent.
During April, 220,000 people lost their jobs in the state, and that figure is tipped to rise to 275,000 by the end of the June quarter.
Revenue is expected to drop by up to $20.3 billion across five years to 2023-24. The reduction is due to lower payroll tax and stamp duty, as well as a smaller GST pool because of a decrease in consumer spending.
https://www.abc.net.au/news/2020-06-...ction=business
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