The UK unemployment rate fell for the second month in a row to 4.9 percent in the three months to February, a period when the country was under a tight COVID lockdown. The rate came in also below market consensus of 5.1 percent, supported by the government's furlough scheme, which was extended last month until the end of September. The number of unemployed people was down by 50,000 to 1.67 million, the first decrease since October to December 2019, while employment levels dropped by 73,000 to 32.43 million, less than the market consensus of a 150,000 decline. Meanwhile, employment was sharply down by 643,000 compared to the same period last year, the largest annual decrease since May to July 2009. Also, the number of employees on company payrolls fell by 56,000 between February and March, pushing up the total number of jobs lost since the coronavirus outbreak to 813,000. source: Office for National Statistics
Unemployment Rate in the United Kingdom averaged 6.85 percent from 1971 until 2021, reaching an all time high of 11.90 percent in April of 1984 and a record low of 3.40 percent in December of 1973. This page provides the latest reported value for - United Kingdom Unemployment Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United Kingdom Unemployment Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2021.
Unemployment Rate in the United Kingdom is expected to be 5.50 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 6.40 in 12 months time. In the long-term, the United Kingdom Unemployment Rate is projected to trend around 6.10 percent in 2022 and 5.10 percent in 2023, according to our econometric models.