UK Jobless Rate Falls to New 4-Decade Low


The unemployment rate in the UK fell to a new 42-year low of 4.2 percent in the three months to February 2018 from 4.3 percent in the September to November period and below market expectations of 4.3 percent. The number of unemployed declined by 16,000 while employment increased by 55,000, beating market expectations of a 33,000 gain.

There were 1.42 million unemployed people, 16,000 fewer than for September to November 2017 and 136,000 fewer than for a year earlier. The unemployment rate was 4.2 percent, the lowest since 1975, down from 4.3 percent in the previous period and 4.7 percent for a year earlier.

There were 32.26 million people in work, 55,000 more than for September to November 2017 and 427,000 more than for a year earlier. The employment rate was 75.4 percent, higher than for a year earlier 74.6 percent and the highest since comparable records began in 1971.

There were 8.73 million people aged from 16 to 64 years who were economically inactive, little changed compared with September to November 2017 but 154,000 fewer than for a year earlier. 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 2.8 percent, both excluding and including bonuses, compared with a year earlier. In real terms (that is, adjusted for price inflation), average weekly earnings increased by 0.2 percent excluding bonuses, and by 0.1 percent including bonuses, compared with a year earlier.

UK Jobless Rate Falls to New 4-Decade Low


ONS | Joana Ferreira | joana.ferreira@tradingeconomics.com
4/17/2018 8:41:15 AM