UK Unemployment Rate Holds at Four-Decade Low


UK unemployment rate stood at a 42-year low of 4.3 percent in the three months to October of 2017, unchanged from the May to July period and slightly above market expectations of 4.2 percent. The number of unemployed continued to fall and that of people in work declined for the second month in a row.

There were 1.43 million unemployed people, 26,000 fewer than for May to July 2017 and 182,000 fewer than for a year earlier. The unemployment rate was 4.3 percent, down from 4.8 percent for a year earlier and the joint lowest since 1975.

There were 32.08 million people in work, 56,000 fewer than for May to July 2017 but 325,000 more than for a year earlier. The employment rate was 75.1 percent, lower than for May to July 2017 (75.3 percent) but higher than for a year earlier (74.4 percent).

There were 8.86 million people aged from 16 to 64 who were economically inactive, 115,000 more than for May to July 2017 but 56,000 fewer than for a year earlier. The inactivity rate was 21.5 percent, higher than for May to July 2017 (21.2 percent) but lower than for a year earlier (21.7 percent).

Latest estimates show that average weekly earnings for employees in the UK in nominal terms (that is, not adjusted for price inflation) increased by 2.5 percent including bonuses, and by 2.3 percent excluding bonuses, compared with a year earlier. In real terms (that is, adjusted for price inflation), average weekly earnings fell by 0.2 percent including bonuses, and by 0.4 percent excluding bonuses, compared with a year earlier.

UK Unemployment Rate Holds at Four-Decade Low


ONS | Joana Ferreira | joana.ferreira@tradingeconomics.com
12/13/2017 10:31:23 AM