The unemployment rate in the UK fell to 4 percent in the three months to November 2018, its lowest level since the 1970s and slightly below market expectations of 4.1 percent. The number of unemployed rose by 8,000 on the quarter while employment increased by 141,000. Average weekly earnings including bonuses rose 3.4 percent on the year, their biggest rise since the three months to July 2008; excluding bonuses, wages grew 3.3 percent, the most since the end of 2008.
There were an estimated 1.37 million unemployed people, little changed compared with June to August 2018 but 68,000 fewer than for a year earlier. The unemployment rate was estimated at 4 percent, it has not been lower since December 1974 to February 1975.
There were an estimated 32.53 million people in work, 141,000 more than for June to August 2018 and 328,000 more than for a year earlier. The employment rate was estimated at 75.8 percent, higher than for a year earlier (75.3 percent) and the highest since comparable estimates began in 1971.
There were an estimated 8.65 million people aged from 16 to 64 years who were economically inactive, 100,000 fewer than for June to August 2018 and 86,000 fewer than for a year earlier. The economic inactivity rate was estimated at 21 percent, lower than for a year earlier (21.2 percent) and the joint-lowest estimate since comparable estimates 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 3.3 percent excluding bonuses, and by 3.4 percent 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 1.1 percent excluding bonuses, and by 1.2 percent including bonuses, compared with a year earlier.
ONS | Joana Ferreira | joana.ferreira@tradingeconomics.com
1/22/2019 9:41:48 AM