UK’s unemployment rate soars 4.3 percent in Q3, more than estimates
Date
11/12/2024 7:54:43 AM
(MENAFN) The Office for National Statistics (ONS) reported on Tuesday that the UK’s unemployment rate rose to 4.3 percent in the July-September period, marking an increase of 0.3 percentage points over the past year. This uptick in unemployment reflects a slight deterioration in the labor market as the country continues to face various economic pressures.
The number of unemployed individuals in the UK has now reached more than 1.48 million, according to the ONS. This figure surpasses previous market predictions, which had anticipated a lower unemployment rate of around 4.1 percent for the same period. The discrepancy suggests that joblessness is rising more quickly than experts initially forecasted, possibly due to shifts in economic conditions or other unforeseen factors.
Despite the rise in unemployment, the employment rate has remained relatively steady at 74.8 percent, with approximately 33.3 million people currently employed across the UK. This stability in the employment rate suggests that while some sectors may be shedding jobs, others continue to maintain or even grow their workforce, balancing out the overall job landscape.
Additionally, the ONS noted a decrease in the economic inactivity rate, which now stands at 21.8 percent. Economic inactivity includes individuals who are neither working nor actively seeking employment in the recent past and may be unable to start work in the near future. This reduction in economic inactivity could indicate a slight increase in the availability of labor, as more people are either re-entering the workforce or showing willingness to seek employment.
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