UK Unemployment Rate Beats Expectations


The UK jobless rate fell for the seventh straight time to 6 percent in the three months to August of 2014. While the number of unemployment persons posted the largest annual drop on record, employment grew at its slowest pace in more than a year.

There were 1.97 million unemployed people, 154,000 fewer than for March to May 2014 and 538,000 less than a year earlier. This is the largest annual fall in unemployment on record.

There were 30.76 million people in work. This was 46,000 more than for March to May 2014, the smallest quarterly increase since March to May 2013. Comparing June to August 2014 with a year earlier, there were 736,000 more people in work. The proportion of people aged from 16 to 64 in work was 73.0 percent, slightly higher than for March to May 2014 (72.9 percent) and higher than for a year earlier (71.5 percent).

There were 9.03 million people aged from 16 to 64 who were out of work and not seeking or available to work (known as economically inactive). This was 113,000 more than for March to May 2014 but 46,000 fewer than for a year earlier. The economic inactivity rate was 22.2 percent, higher than for March to May 2014 (22.0 percent) but lower than for a year earlier (22.4 percent).

Pay including bonuses for employees in Great Britain was 0.7 percent higher than a year earlier. Pay excluding bonuses for employees in Great Britain was 0.9 percent higher than a year earlier.

UK Unemployment Rate Beats Expectations


ONS | Joana Taborda | joana.taborda@tradingeconomics.com
10/15/2014 9:41:47 AM