U.K. Missing 465000 People From Workforce Since Covid Hit

Britain continues to face severe labor market shortages despite the end of the furlough program because 465,000 people have disappeared from the workforce since the start of the pandemic, according to Bank of America. Ending the benefit on Sept. 30 for those out of work during lockdowns was expected to bring people who had given up on job hunting back into employment. “That has not happened yet,” Bank of America economist Rob Wood said in a note on Tuesday. U.K. payroll numbers jumped by 160,000 to a new high in October, suggesting the economy can absorb many of the 1 million workers who were on furlough when the program closed. Official unemployment for the month of September dropped to 3.9%, lower than immediate pre-pandemic levels.