UK Jobless Rate Remains Close to 43-Year Low


The unemployment rate in the UK stood at 4.1 percent in the three months to October 2018, remaining close to its lowest level since the 1970s and matching market expectations. The number of unemployed rose by 20,000 from the May to July period while employment increased by 79,000 and the number of job vacancies were near an all-time high. Average weekly earnings including bonuses rose 3.3 percent on the year, their biggest rise since the three months to July 2008; excluding bonuses, wages also grew 3.3 percent, the most since the end of 2008.

There were an estimated 1.38 million unemployed people, 20,000 more than for May to July 2018 but 49,000 fewer than for a year earlier. The unemployment rate was estimated at 4.1 percent, virtually unchanged compared with May to July 2018 but lower than the estimate for a year earlier (4.3 percent).

There were an estimated 32.48 million people in work, 79,000 more than for May to July 2018 and 396,000 more than for a year earlier. The employment rate was estimated at 75.7 percent, higher than for a year earlier (75.1 percent) and the joint-highest estimate since comparable estimates began in 1971.

There were an estimated 8.66 million people aged from 16 to 64 years who were economically inactive, 95,000 fewer than for May to July 2018 and 195,000 fewer than for a year earlier. The economic inactivity rate was estimated at 21 percent, lower than for a year earlier (21.5 percent) and the joint-lowest estimate since comparable estimates began in 1971.

Latest estimates show that average weekly earnings for employees in Great Britain in nominal terms increased by 3.3 percent, both excluding and including bonuses, compared with a year earlier. Latest estimates show that average weekly earnings for employees in Great Britain in real terms (that is, adjusted for price inflation) increased by 1 percent excluding bonuses, and by 1.1 percent including bonuses, compared with a year earlier.

UK Jobless Rate Remains Close to 43-Year Low


ONS | Joana Ferreira | joana.ferreira@tradingeconomics.com
12/11/2018 9:57:09 AM