United Kingdom: Unemployment falls to lowest level in over five years
May 14, 2014
In April, jobless claims fell 25,100 over the previous month, according to the Office for National Statistics (ONS). The print followed the revised 30,600 drop recorded in March (previously reported: -30,400) but fell short of the 30,000 decrease in jobless claims the markets had expected.
The unemployment rate-derived from a different survey-fell to 6.8% in the three months up to March, which was a notch down from the 6.9% tallied in the three months up to February. The figure was in line with market expectations and marked the lowest unemployment rate since February 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%.