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UK Posts 5 Percent Increase in Jobless Rate
(MENAFN) Unemployment in the United Kingdom increased to 5% during the July-September quarter, exceeding analysts’ forecasts and signaling continued strain in the labor market.
The Office for National Statistics (ONS) reported on Tuesday that the jobless rate for individuals aged 16 and over rose from 4.8% in the previous quarter, reflecting a modest but notable uptick.
As of September, the number of unemployed people reached approximately 1.8 million, according to the ONS data. This represents a significant rise from 4.3% in the same period last year, indicating that the labor market has softened compared with pre-pandemic levels.
The employment rate, which measures the share of people in work, also saw a slight decline. It stood at 75%, or 34.2 million people, down 0.2 percentage points compared with the previous quarter. Analysts have noted that this drop underscores ongoing challenges for job growth and hiring in certain sectors of the economy.
Economists and market watchers will be closely monitoring upcoming data for signs of whether this trend will continue, as the UK faces broader economic pressures including inflationary concerns and rising living costs.
The Office for National Statistics (ONS) reported on Tuesday that the jobless rate for individuals aged 16 and over rose from 4.8% in the previous quarter, reflecting a modest but notable uptick.
As of September, the number of unemployed people reached approximately 1.8 million, according to the ONS data. This represents a significant rise from 4.3% in the same period last year, indicating that the labor market has softened compared with pre-pandemic levels.
The employment rate, which measures the share of people in work, also saw a slight decline. It stood at 75%, or 34.2 million people, down 0.2 percentage points compared with the previous quarter. Analysts have noted that this drop underscores ongoing challenges for job growth and hiring in certain sectors of the economy.
Economists and market watchers will be closely monitoring upcoming data for signs of whether this trend will continue, as the UK faces broader economic pressures including inflationary concerns and rising living costs.
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