United Kingdom: Unemployment rate remains at multi-decade low in February
April 12, 2017
Jobless claims rose by 25,500 in March according to the Office for National Statistics (ONS), contrasting the revised 6,100 fall observed in the previous month (previously reported: 11,300 drop) and confounding market expectations, with analysts banking on a slight fall in the claimant count.
The unemployment rate—derived from a different survey—was 4.7% in February (the latest period for which data is available), mirroring January’s figure. The UK labor market therefore remains in rude health, despite the uncertainty generated following last year’s EU referendum. Less encouragingly however, ONS data also shows that real wage growth petered out in the three months to February, despite record low unemployment.
Author: Oliver Reynolds, Economist