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Unemployment rate in UK drops to 4 percent, less than estimates
(MENAFN) The UK's unemployment rate dropped to 4 percent in August 2024, according to the Office for National Statistics (ONS), down from 4.1 percent in July. This decrease surprised market analysts, who had expected the unemployment rate to remain steady at 4.1 percent. The lower-than-expected figure indicates a slight improvement in the labor market, reflecting the resilience of the UK Economy despite broader global economic uncertainties.
In terms of employment, the rate stood at 75 percent in August, signaling stability in the job market. However, there was a modest decline in the number of payrolled employees, with 35,000 fewer workers (a 0.1 percent drop) between July and August 2024. Despite this monthly decline, the number of payrolled employees increased by 165,000 over the past year, representing a 0.5 percent rise, demonstrating year-on-year employment growth.
The ONS also provided an early estimate for September 2024, showing a further decrease of 15,000 payrolled employees compared to the previous month. Nonetheless, the number of payrolled employees in September still registered an increase of 113,000 (0.4 percent) year-on-year, reaching 30.3 million, indicating sustained long-term growth in employment despite short-term fluctuations.
Overall, the latest figures reflect a complex labor market where long-term employment gains persist, but recent months show signs of a slowdown in job creation. The monthly decrease in payrolled employees, coupled with a decline in unemployment, suggests that while the economy is maintaining momentum, challenges remain in securing sustained job growth.
In terms of employment, the rate stood at 75 percent in August, signaling stability in the job market. However, there was a modest decline in the number of payrolled employees, with 35,000 fewer workers (a 0.1 percent drop) between July and August 2024. Despite this monthly decline, the number of payrolled employees increased by 165,000 over the past year, representing a 0.5 percent rise, demonstrating year-on-year employment growth.
The ONS also provided an early estimate for September 2024, showing a further decrease of 15,000 payrolled employees compared to the previous month. Nonetheless, the number of payrolled employees in September still registered an increase of 113,000 (0.4 percent) year-on-year, reaching 30.3 million, indicating sustained long-term growth in employment despite short-term fluctuations.
Overall, the latest figures reflect a complex labor market where long-term employment gains persist, but recent months show signs of a slowdown in job creation. The monthly decrease in payrolled employees, coupled with a decline in unemployment, suggests that while the economy is maintaining momentum, challenges remain in securing sustained job growth.
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