Unemployment in United Kingdom

United Kingdom Unemployment | Economic News & Forecasts

United Kingdom - Unemployment

Unemployment rate declines in September-November period, employment rate at record high

In the September-November period the unemployment rate fell to 4.0%, the joint-lowest rate in over 11 years. Employment rose by 141,000 compared to June-August, on the back of a surge in full-time positions, and the employment rate was the highest since comparable records began in 1971. The figures show that intensifying Brexit uncertainty has yet to overly affect firms’ hiring intentions—although that could change in the early part of 2019, as the country moves closer to exiting the EU without a deal.

The tight labor market continued to feed through to wage pressures, with nominal earnings growth excluding bonuses remaining at a multi-year high of 3.3%, markedly outpacing the rate of inflation.

Looking ahead, wages should continue to be supported by the limited slack in the labor market and more generous public-sector pay agreements. Regarding employment, Brexit uncertainty could begin to dampen momentum as firms delay hiring decisions until greater clarity emerges over the outcome of the process.

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 both 2019 and 2020.

United Kingdom - Unemployment Data

2013  2014  2015  2016  2017  
Unemployment Rate7.6  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 Yield1.33-3.04 %Jan 21
Exchange Rate1.29-0.35 %Jan 21
Stock Market6,971-0.26 %Jan 21

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