United Kingdom Unemployment

United Kingdom

Unemployment stable, lowest in nearly six years

In October, jobless claims fell 20,400 over the previous month, according to the Office for National Statistics (ONS). The print represented a bigger drop than the revised 18,400 drop recorded in September (previously reported: -18,000) and exceeded the 20,000 decrease in jobless claims the markets had expected.

The unemployment rate—derived from a different survey—was stable at August’s 6.0% in September (the latest period for which data are available), thus remaining at the lowest level in nearly six years. The figure slightly overshot the 5.9% rate the market had expected.

FocusEconomics Consensus Forecast panelists expect unemployment to average 6.4% in 2014, which is unchanged from last month’s forecast. For 2015, the panel expects the unemployment rate to drop to 5.9%, which is down 0.1 percentage points from last month’s forecast.

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United Kingdom Unemployment Chart

United Kingdom Unemployment October 2014

Note: Three-month average of unemployment rate in %.
Source: Office for National Statistics (ONS).

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