UK Jobless Rate Falls To 4.5%, Lowest Since 1975


The unemployment rate in the UK fell to 4.5 percent in the three months to May of 2017, below 4.6 percent in the previous period and market forecasts of 4.6 percent. It is the lowest jobless rate since June of 1975. Earnings including bonuses rose 1.8 percent year-on-year, the weakest gain since the three months to November 2014. Adjusted for inflation, pay growth fell 0.7 percent, the sharpest drop since 2014.

There were 1.49 million unemployed people, 64,000 fewer than for December 2016 to February 2017 and 152,000 fewer than for a year earlier.

There were 32.01 million people in work, 175,000 more than for December 2016 to February 2017 and 324,000 more than for a year earlier. The employment rate was 74.9%, the highest since comparable records began in 1971.

There were 8.83 million people aged from 16 to 64 who were economically inactive, 57,000 fewer than for December 2016 to February 2017 and 55,000 fewer than for a year earlier. The inactivity rate was 21.5%, down from 21.7% for a year earlier and the joint lowest since comparable records began in 1971.

Average weekly earnings for employees in Great Britain in nominal terms increased by 1.8% including bonuses, and by 2.0% excluding bonuses, compared with a year earlier. In real terms, average weekly earnings fell by 0.7% including bonuses, and fell by 0.5% excluding bonuses, compared with a year earlier.

ONS | Joana Taborda | joana.taborda@tradingeconomics.com
7/12/2017 8:52:23 AM