Unemployment in United Kingdom
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
|Unemployment (% of active population)||7.6||6.2||5.4||4.9||4.4|
5 years of economic forecasts for more than 30 economic indicators.
United Kingdom Unemployment Chart
Source: Office for National Statistics (ONS).
United Kingdom Facts
|Bond Yield||1.15||-3.04 %||Mar 20|
|Exchange Rate||1.32||-0.35 %||Mar 20|
|Stock Market||7,291||-0.26 %||Mar 20|
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March 22, 2019
On 21 March the EU agreed to delay Brexit until 12 April to give the UK parliament more time to coalesce around a way forward.
March 21, 2019
At its meeting ending on 20 March, the Monetary Policy Committee (MPC) of the Bank of England (BoE) voted unanimously to keep the Bank Rate unchanged at 0.75%.
March 20, 2019
Consumer prices rose 0.5% in February over the previous month, contrasting January’s 0.8% decline.
March 19, 2019
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.
March 12, 2019
Industrial production rose 0.6% in January over the prior month according to the Office for National Statistics, contrasting December’s 0.5% decline.