The unemployment rate in the UK stood at 4.1 percent in the three months to October 2018, remaining close to its lowest level since the 1970s and matching market expectations. The number of unemployed rose by 20,000 from the May to July period while employment increased by 79,000 and the number of job vacancies were near an all-time high. Average weekly earnings including bonuses rose 3.3 percent on the year, their biggest rise since the three months to July 2008; excluding bonuses, wages also grew 3.3 percent, the most since the end of 2008. Unemployment Rate in the United Kingdom averaged 7.02 percent from 1971 until 2018, reaching an all time high of 12 percent in February of 1984 and a record low of 3.40 percent in November of 1973.
Unemployment Rate in the United Kingdom is expected to be 3.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in the United Kingdom to stand at 3.70 in 12 months time. In the long-term, the United Kingdom Unemployment Rate is projected to trend around 4.00 percent in 2020, according to our econometric models.