According to ONS, unemployment in the UK rose before the coronavirus crisis. The British labour market weakened three months before February, preceding the outbreak of coronavirus, despite a record number of employees.
The unemployment rate rose from 3.9% to 4.0%, the number of vacancies decreased for the tenth month in a row, and wages continued to fall from a peak in June last year, according to the Office of National Statistics. It is expected that the slowdown in the labour market will worsen, as workers will be laid off in the coming months, many elderly and young people will be forced to look for low-paid jobs.
The extension of the block last week is expected to trigger a new wave of layoffs. Despite all the deplorable situations, GBPUSD shows confident signals for growth.