UK Unemployment Rate Falls to 4%, Total Pay Rises
Britain’s unemployment rate moderated to 4% in the quarter to August, down from 4.1% in the prior three-month period, the Office for National Statistics said Tuesday.
By consensus, analysts had expected an unemployment rate to settle at 4.1% for the period. Meanwhile, the UK employment rate rose to 75% from 74.8% previously.
The number of people employed in the United Kingdom surged by 373 thousand in the three months to August 2024, accelerating from a 265 thousand increase in the previous period and surpassing market forecasts of a 250 thousand rise.
This marks the highest increase in job creation since records began in 1971, largely driven by a rise in both full-time and part-time employees.
Meanwhile, the employment rate for those aged 16 to 64 rose to 75% from 74.8%. On an annual basis, the number of people employed increased by 344 thousand, primarily due to a rise in full-time employment.
Average weekly earnings including bonuses in the UK were up 3.8% year-on-year to GBP 693/week in the three months to August 2024, a fresh low since November 2020, compared to an upwardly revised 4.1% rise in the previous period and in line with forecasts.
Pay growth slowed sharply in the public sector (0.1% vs 0.8%) and eased slightly in the private sector (4.7% vs 4.8%). This is affected by the NHS and civil service one-off payments made in June, July and August 2023. Adjusted for inflation, total earnings increased 0.9%, below 1.1% in the three months to July. #UK Unemployment Rate Falls to 4%, Total Pay Rises
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