“Today’s figures are a sobering reminder of the havoc the pandemic is wreaking on the UK economy. And whilst economies across Europe are also now in a recession, the UK has experienced one of the biggest growth contractions over the last quarter. This is in part because the UK locked down later than other European nations, and so makes today’s figures even starker. It’s worth noting that even though employment is declining, job losses have been relatively moderate when compared to the large falls we are seeing in GDP. While the June rise in GDP offers some green shoots of recovery, and LinkedIn’s latest data shows that hiring in the UK is improving, GDP is still well below pre-COVID levels and will take time to come back.
GDP figures - LinkedIn comment
GDP figures quote: Mariano Mamertino, Senior Economist, LinkedIn
