United Kingdom Unemployment

United Kingdom

United Kingdom: Unemployment continues to fall, hits five-year low

June 11, 2014

In May, jobless claims fell 27,400 over the previous month, according to the Office for National Statistics (ONS). The print was slightly up from the revised 28,400 drop recorded in April (previously reported: -25,100), but exceeded the 25,000 decrease in jobless claims the markets had expected.

The unemployment rate—derived from a different survey—fell to 6.6% in the three months up to April, which was down from the 6.8% tallied in the three months up to March. The figure was a tad below market expectations of the rate falling to 6.7% and marked the lowest unemployment rate since January 2009.

FocusEconomics Consensus Forecast panelists expect unemployment to average 7.0% in 2014, which is down 0.2 percentage points from last month’s forecast. For 2015, the panel expects the unemployment rate to drop to 6.7%.


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United Kingdom Unemployment Chart

United Kingdom Unemployment May 2014

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

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