United Kingdom Unemployment

United Kingdom

United Kingdom: Unemployment in January stable at its lowest level in over six years

March 18, 2015

In February, jobless claims fell 31,000 over the previous month, according to the Office for National Statistics (ONS). The print represented a smaller drop than the revised 39,400 decrease recorded in December (previously reported: -38,600) and exceeded the 30,000 decrease in jobless claims the markets had expected.

The unemployment rate—derived from a different survey—was stable at December’s 5.7% in January (the latest period for which data are available), thus remaining at the lowest level since August 2008. The figure overshot market expectations ,which had the unemployment rate inching down to 5.6%.

FocusEconomics Consensus Forecast panelists expect unemployment to average 5.6% in 2015, which is down 0.1 percentage points from last month’s forecast. For 2016, the panel expects the unemployment rate to inch down to 5.5%.

Author:, Senior Economist

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United Kingdom Unemployment Chart

United Kingdom Unemployment February 2015

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

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