United Kingdom: Unemployment falls to lowest level in over three years
April 16, 2014
In March, jobless claims fell 30,400 over the previous month according to the Office for National Statistics (ONS). The print followed the revised 37,000 drop recorded in February (previously reported: -34,600) but was broadly in line with the 30,000 decrease in jobless claims the markets had expected.
The unemployment rate-derived from a different survey-fell to 6.9% in the three months up to February, which was down from the 7.2% tallied in the three months up to January. The figure came in below market expectations of the rate inching down to 7.1% and marked the lowest unemployment rate since November 2008.
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%.