UK Unemployment Rate Down to 11-Year Low of 4.9%


The unemployment rate in the UK declined to 4.9 percent in the three months to May, the lowest figure since October of 2005. The number of unemployed reached the lowest since 2008, the employment rate increased to a fresh record high of 74.4 percent while earnings rose almost in line with expectations.

There were 1.65 million unemployed people, 54,000 fewer than for the 3 months to February 2016, 201,000 fewer than for a year earlier and the lowest since March to May 2008.

There were 31.70 million people in work, 176,000 more than for the 3 months to February 2016 and 624,000 more than for a year earlier. 23.19 million were working full-time, 401,000 more than for a year earlier; 8.52 million were working part-time, 223,000 more than for a year earlier. As a result, the employment rate was 74.4%, the highest since comparable records began in 1971.

There were 8.87 million people aged from 16 to 64 who were economically inactive, 46,000 fewer than for the 3 months to February 2016 and 181,000 fewer than for a year earlier. Thus, the inactivity rate was 21.6 percent, the lowest since comparable records began in 1971.

Average weekly earnings for employees in Great Britain in nominal terms increased by 2.3 percent including bonuses and by 2.2 percent excluding bonuses compared with a year earlier.

UK Unemployment Rate Down to 11-Year Low of 4.9%


ONS | Joana Taborda | joana.taborda@tradingeconomics.com
7/20/2016 9:46:59 AM