UK Unemployment Rate Below Forecasts


The unemployment rate in the UK stood at a 42-year low of 4.3 percent in the three months to January 2018, unchanged from the August to October period and below market expectations of 4.4 percent. The number of unemployed rose by 24,000 while employment increased by 168,000, beating market expectations of a 84,000 gain.

There were 1.45 million unemployed people, 24,000 more than for August to October 2017 but 127,000 fewer than for a year earlier. The unemployment rate was 4.3 percent, down from 4.7 percent for a year earlier and the joint lowest since 1975.

There were 32.25 million people in work, 168,000 more than for August to October 2017 and 402,000 more than for a year earlier. The employment rate was 75.3 percent, higher than for a year earlier (74.6 percent) and the joint highest since comparable records began in 1971.

There were 8.72 million people aged from 16 to 64 who were economically inactive, 158,000 fewer than for a year earlier and the lowest since November 2000 to January 2001. The inactivity rate was 21.2 percent, lower than for a year earlier (21.6 percent) and the joint lowest since comparable records began in 1971.

Latest estimates show that average weekly earnings for employees in the UK in nominal terms (that is, not adjusted for price inflation) increased by 2.6 percent excluding bonuses, and by 2.8 percent including bonuses, compared with a year earlier. In real terms (that is, adjusted for price inflation), average weekly earnings fell by 0.2 percent excluding bonuses, but were unchanged including bonuses, compared with a year earlier.

UK Unemployment Rate Below Forecasts


ONS | Joana Ferreira | joana.ferreira@tradingeconomics.com
3/21/2018 9:42:46 AM