{"id":11446,"date":"2021-04-16T10:42:06","date_gmt":"2021-04-16T09:42:06","guid":{"rendered":"https:\/\/www.economicsobservatory.com\/?post_type=question&p=11446"},"modified":"2021-05-01T19:34:23","modified_gmt":"2021-05-01T18:34:23","slug":"regaining-balance","status":"publish","type":"question","link":"https:\/\/www.economicsobservatory.com\/test\/regaining-balance","title":{"rendered":"Regaining balance"},"content":{"rendered":"\n

Newsletter from 16 April 2021<\/strong><\/p>\n\n\n\n

As of Monday, people in England were once again able to get a haircut, visit \u2018non-essential\u2019 shops and enjoy a pint or two at their local. While going to the pub required wrapping up warm against the chilly April air, the partial relaxation of Covid-19 restrictions will have come as a relief to many \u00ad\u2013 particularly those working in parts of the economy most hurt by lockdown.<\/p>\n\n\n\n

For many pubs, cafes and restaurants, only being able to serve people outside will mean running at a loss for some time, while other venues will have to remain closed due to a lack of outdoor space. Nonetheless, this easing of social distancing rules represents another step along the government\u2019s roadmap out of lockdown, providing a welcome boost to both business and public morale \u00adafter a long and difficult winter.<\/p>\n\n\n\n

Working hard but hardly working<\/h3>\n\n\n\n

This week at the Economics Observatory, we took another look at jobs, work and pay. On Wednesday, Jonathan Wadsworth (LSE) reflected on the past 12 months in the UK labour market<\/a>, as revealed by the latest Labour Force Survey (LFS) data. These show that although the overall unemployment rate in 2020 was only slightly above the five-year trend, far more<\/em> people were laid off and far fewer<\/em> people left their job compared with previous years. Similarly, new hires showed a marked decline, particularly the recruitment of younger people.<\/p>\n\n\n\n

Perhaps the most alarming number is the fall in actual hours worked. The LFS data indicate that there have been 3,800 million fewer \u2018hours worked\u2019 since the crisis began. This is equivalent to the entire workforce doing nothing for nearly four weeks.<\/p>\n\n\n\n

Seasonal hours worked (millions)<\/h4>\n\n\n
\n
<\/div>\n\n