The UK unemployment rate stood at 3.9 percent in the second quarter of 2020, unchanged from the previous three-month period and below market expectations of 4.2 percent, as many people gave up looking for work and who were therefore not considered to be unemployed. Meanwhile, employment fell by 220 thousand to 32.92 million, the largest quarterly drop since May to July 2009, as the coronavirus pandemic hit the labor market. A large number of people were estimated to be temporarily away from work, including furloughed workers; approximately 7.5 million in June with over 3 million of these being away for three months or more. There were also around 300,000 people away from work because of the pandemic and receiving no pay in June.
Unemployment Rate in the United Kingdom averaged 6.91 percent from 1971 until 2020, reaching an all time high of 12 percent in February of 1984 and a record low of 3.40 percent in November of 1973. This page provides the latest reported value for - United Kingdom Unemployment Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United Kingdom Unemployment Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2020. source: Office for National Statistics
Unemployment Rate in the United Kingdom is expected to be 6.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in the United Kingdom to stand at 6.30 in 12 months time. In the long-term, the United Kingdom Unemployment Rate is projected to trend around 6.00 percent in 2021 and 4.60 percent in 2022, according to our econometric models.