UK Unemployment Rate at 42-Year Low


The unemployment rate in the UK stood at a 42-year low of 4.2 percent in the three months to March 2018, matching market expectations. The number of unemployed declined by 46,000 from the October to December period while employment increased by 197,000, the biggest quarterly increase since the end of 2015 and way above market expectations of a 130,000 gain.

There were 1.42 million unemployed people, 46,000 fewer than for October to December 2017 and 116,000 fewer than for a year earlier. The unemployment rate was 4.2 percent, down from 4.6 percent for a year earlier and the joint lowest since 1975.

There were 32.34 million people in work, 197,000 more than for October to December 2017 and 396,000 more than for a year earlier. The employment rate was 75.6 percent, higher than for a year earlier (74.8 percent) and the highest since comparable records began in 1971.

There were 8.66 million people aged from 16 to 64 years who were economically inactive, 115,000 fewer than for October to December 2017 and 171,000 fewer than for a year earlier. The inactivity rate (the proportion of people aged from 16 to 64 years who were economically inactive) was 21.0 percent, lower than for a year earlier (21.5 percent) and the lowest since comparable records began in 1971.

Latest estimates show that average weekly earnings for employees in Great Britain in nominal terms (that is, not adjusted for price inflation) increased by 2.9% excluding bonuses, and by 2.6% 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 0.4% excluding bonuses, but were unchanged including bonuses, compared with a year earlier.

UK Unemployment Rate at 42-Year Low


ONS | Joana Ferreira | joana.ferreira@tradingeconomics.com
5/15/2018 8:47:26 AM