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United Kingdom Unemployment June 2023

United Kingdom: Labor market softens towards end-Q2

According to the ONS, in March–May the unemployment rate registered 4.0%, up 0.2 percentage points from the previous rolling quarter and the highest rate since early 2022. In June, employment fell by 9,000 from May, while vacancies fell in the three months to June and inflation continued to outstrip nominal wage growth.

These figures show that the labor market weakened towards end-Q2. Looking ahead, the labor market is set to lose further steam due to higher interest rates, with the unemployment rate forecast to rise above 4% later this year.

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