Unemployment in United Kingdom
United Kingdom - Unemployment
The labor market continues to strengthen at the outset of Q3
According to the ONS, in April–June the unemployment rate registered 4.7%, down 0.2 percentage points from Q1. Experimental data for July showed that employment rose by 182,000 from June. Moreover, job vacancies were above pre-pandemic levels in July, and exceeded one million for the first time.
The unemployment rate is still forecast to increase somewhat later this year as government labor market support is wound down, although the extension of the furlough scheme until end-September should delay the rise in unemployment and also limit the extent of the rise.
On the reading, George Buckley, economist at Nomura, commented:
“This was another strong labour market report […]. But there are caveats: labour input measured by hours worked and to a lesser extent employment remains below where it was before the virus hit, annual pay growth is being heavily distorted upwards and payrolls were unchanged relative to pre-pandemic levels following downward revisions. Spare capacity remains in the labour market, but it’s being eroded quickly and mismatch risks adding to wage pressures.”
FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 5.1% in 2021, which is down 0.1 percentage points from last month’s forecast, and 5.0% in 2022.
United Kingdom - Unemployment Data
|Unemployment (% of active population)||5.4||4.9||4.4||4.1||3.8|
5 years of economic forecasts for more than 30 economic indicators.
United Kingdom Unemployment Chart
Source: Office for National Statistics (ONS).
United Kingdom Facts
|Bond Yield||0.83||-3.04 %||Jan 01|
|Exchange Rate||1.33||-0.35 %||Jan 01|
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January 24, 2023
The S&P Global/CIPS Flash Composite Purchasing Managers’ Index (PMI) came in at 47.8 in January, down from December's 49.0.
January 23, 2023
Consumer confidence fell to minus 45.0 in January from December's minus 42.0.
January 18, 2023
Inflation dropped to 10.5% in December from November’s 10.7%.
January 17, 2023
According to the ONS, in September–November the unemployment rate registered 3.7%, while the redundancy rate was below pre-pandemic levels.
January 13, 2023
GDP rose 0.1% month-on-month in seasonally-adjusted terms in November (October: +0.5% mom).