Unemployment in United Kingdom

United Kingdom Unemployment | Economic News & Forecasts

United Kingdom - Unemployment

Labor market stays solid in November-January period

In the November-January period, the unemployment rate reached a fresh multi-decade low of 3.9%, while the employment rate rose to a record high. Employment rose by 222,000 compared to August-October, topping market expectations, due to more full-time and part-time positions.

The tight labor market continued to support wage pressures, with nominal earnings growth excluding bonuses remaining at a multi-year high of 3.4%, markedly outpacing the rate of inflation.

In Q1 it is uncertain whether the labor market will be able to maintain such strong momentum; the services and manufacturing PMIs for February showed employers cutting staff levels, while Brexit uncertainty has intensified. Assuming a hard Brexit is avoided however, the unemployment rate should remain low and wage growth robust going forward.

UK Unemployment Rate Forecast

Our panelists currently see the unemployment rate averaging 4.2% in 2019 and 4.3% in 2020, while real disposable income is seen increasing 1.4% in 2019 and 1.6% in 2020.

United Kingdom - Unemployment Data

2013  2014  2015  2016  2017  
Unemployment (% of active population)7.6  6.2  5.4  4.9  4.4  

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United Kingdom Unemployment Chart

United Kingdom Unemployment
Note: Unemployment in % of active population.
Source: Office for National Statistics (ONS).

United Kingdom Facts

Bond Yield1.15-3.04 %Mar 20
Exchange Rate1.32-0.35 %Mar 20
Stock Market7,291-0.26 %Mar 20

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