Impacts of Covid-19 Pandemic on UK Job Market (GC01805)

Table of Contents

1. Introduction.
2. Impacts of Covid-19 pandemic on UK job market

2.1 Unemployment looms as job market due to lockdown

2.2 Consumption and trading activity continues to fall

2.3 The most vulnerable workers are most at risk.

3. Conclusion.
4. Reference.

1. Introduction

Similar to many countries the United Kingdom is facing various challenges due to the Coronavirus Covid-19 pandemic and currently in a state of lockdown since March 23, 2020. Even though lockdown in the UK bringing on by successive measures of social distancing has helped rein in the public-health crisis but the economy with the job market sector of the country has taken a sudden and dramatic hit (Allas et al., 2020).

2.  Impacts of Covid-19 pandemic on UK job market

In an article related to the economic effects of coronavirus in the UK, Leslie and McCurdy (2020) described that the UK faced the sharpest economic contraction in the first three months of 2020, since the peak of the financial crisis which happened in 2008. UK job market is facing unwelcomed challenges due to the economic fall happening for a recent pandemic.

2.1 Unemployment looms as job market due to lockdown

There are many things already impacted by Covid-19 including job market impacts and the statistics of this crisis indicate that this might continue in the near future or potentially beyond. The striking level of job crisis is getting worse day after day in this lockdown situation in UK and unemployment is rising. The current job market crisis is unique since people are leaving their jobs rather than reduced hiring (Leslie and McCurdy, 2020).

Because of furloughs being converted into job losses the statistics showed fluctuating results. However, some are continuing their work with remote working arrangements and teleworking while many others have already lost their livelihood. On the other hand, works of health are experiencing trouble managing the increasing burden of working overtime in this phase of the crisis (Singh, 2020). The latest economic data indicates a significant continued fall in consumption and trading activity of the UK job market sector. Moreover, weekly data on shipping volumes indicates gradual fatal and loss in the number of visits to UK ports (ONS, 2020). The job market sector is becoming troublesome due to the current lockdown. Consequently, UK’s most big organizations will fail in employee retention if they do not get a great time of recovery soon after the pandemic ends (Teow, 2020).

2.3 The most vulnerable workers are most at risk

The results of the analysis on the Coronavirus pandemic situation shed light on the vulnerability of different demographic groups in the workforce of the UK (Allas et al., 2020). It is clearly acknowledged that unemployment rates are significantly greater among less educated people. Therefore, they preferably do not meet with a good number of vacancies and job opportunities.

3.0Conclusion

To conclude, it can be said that the Covid-19 pandemic is greatly impacting the UK job sector in many extreme ways.  About 5.8 percent fall in March was a new record of single-month fall since 1997 in the UK. Moreover, this fall suggests a GDP contracted by around 20 percent since lockdown took place into full force and continues (Leslie and McCurdy, 2020).

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