The unemployment rate in the UK edged higher to 3.6% in the three months to September of 2022 from 3.5% in the previous period, which was a new low since 1974. Figures compare with market forecasts of 3.5%. The number of people unemployed for all duration categories decreased in the latest three-month period while the economic inactivity rate increased to 21.6%, driven by those who are long-term sick, who increased to a record high. Employment fell by 52K, twice the market forecast of a 25K drop and the employment rate was 75.5%, largely unchanged on the previous quarter. The number of employees decreased, while self-employed workers rose. Meanwhile, payrolled employees increased 74,000 on the September figures, to a record 29.8 million. Vacancies fell for a fourth consecutive quarter to 1,225,000, but hold at historically high levels. An increasing number of businesses are now reporting holding back recruitment because of economic pressures. source: Office for National Statistics
Unemployment Rate in the United Kingdom averaged 6.77 percent from 1971 until 2022, 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 December of 2022.
Unemployment Rate in the United Kingdom is expected to be 3.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United Kingdom Unemployment Rate is projected to trend around 5.00 percent in 2023 and 6.00 percent in 2024, according to our econometric models.