Does Google hold the clue to UK's coming unemployment levels?
Hey Google, find me a new job!
Britain's unemployment rate has risen today for the first time since the coronavirus lockdown began in March. The unemployment rate increased to 4.1% in the three months to July from the 3.9% it had been at since early 2020.
Reuters quoted an economist Samuel Tombs, with Pantheon Macroeconomics, who said job losses were likely to accelerate in September and October when employers will have to pay more towards the cost of the furlough scheme because "The number of people searching on Google for phrases including 'redundancy' rocketed to a record high in July, consistent on past form with the official measure of redundancies peaking in September.
The Bank of England has forecast that the unemployment rate will hit 7.5% So, more pain is expected for the GBP ahead and expect sellers on rallies unless some great Brexit news trumps all the bearish economic data.